Hotels - Albania | Statista Market Forecast

By 2024, the Hotels market in Albania is predicted to earn a revenue of US$32.91m.
Moreover, the revenue is expected to exhibit a Compound Annual Growth Rate (CAGR) of 4.79% between 2024 and 2029, which will result in a market volume of US$41.57m by 2029.
The number of users in the Hotels market is estimated to reach 383.00k users by 2029.
In 2024, the user penetration rate is projected to be 9.8% and is expected to increase to 13.7% by 2029.
The Average Revenue Per User (ARPU) is expected to be US$118.70.
Additionally, it is estimated that 86% of the total revenue in the Hotels market will be generated through online sales by 2029.
In comparison to other countries, United States is expected to generate the highest revenue of US$111bn in 2024.
Despite recent improvements, Albania's hotel market still faces challenges relating to infrastructure, service quality, and branding.

Definition:

The Hotels market includes hotels and professionally-run guest houses. These accommodations can be booked directly via the providers website, through a tour operator, a travel agency, an online travel agency (OTA), or by telephone.

Additional Information:

The main performance indicators of the Hotels market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year. Well-known providers are Hotels.com, trivago, and Booking.com.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

For further information on the data displayed, refer to the info button right next to each box.

Booked directly via the providers website, through a tour operator, an online travel agency (OTA), a travel agency or by telephone

Private accommodation and holiday flats, private room and accommodation rentals (e.g. Airbnb)

Albania, a country known for its stunning beaches, rich history, and vibrant culture, has seen significant developments in its Hotels market in recent years.

Customer preferences: Travelers in Albania are increasingly seeking unique and authentic experiences, driving the demand for boutique hotels and eco-friendly accommodations. Tourists are also showing a preference for hotels that offer personalized services and local cultural immersion.

Trends in the market: One notable trend in the Albanian Hotels market is the rise of digital platforms and online booking systems, making it easier for both domestic and international travelers to find and reserve accommodations. Additionally, there has been a growing interest in wellness tourism, leading to an increase in spa resorts and hotels offering health and wellness amenities.

Local special circumstances: Albania's strategic location in the Balkans, coupled with its natural beauty, has made it a popular destination for tourists looking to explore both the Adriatic and Ionian coastlines. The country's efforts to improve infrastructure and promote sustainable tourism have also contributed to the growth of the Hotels market.

Underlying macroeconomic factors: The growing economy in Albania, along with government initiatives to attract foreign investment in the tourism sector, has created a favorable environment for the development of hotels and other accommodations. Additionally, the increasing number of international visitors to Albania has boosted the demand for quality hotel services, driving further growth in the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

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