Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
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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