Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in APAC has been experiencing significant growth and development in recent years.
Customer preferences: Customers in APAC are increasingly looking for unique and personalized experiences when choosing hotels. They are seeking accommodations that offer cultural immersion, local authenticity, and sustainability initiatives. Additionally, there is a growing demand for technology integration in hotels to enhance convenience and efficiency for guests.
Trends in the market: In Japan, there has been a rise in the popularity of traditional Ryokan accommodations among both domestic and international travelers. These traditional Japanese inns offer a unique experience with tatami-matted rooms, communal baths, and kaiseki dining. The trend towards Ryokan stays reflects a desire for cultural immersion and a break from modernity.
Local special circumstances: In Thailand, the Hotels market is heavily influenced by the country's thriving tourism industry. The rise in international arrivals, especially from China and India, has led to a surge in hotel construction and expansion. The market is highly competitive, with hotels constantly innovating to attract guests with unique offerings such as wellness retreats, eco-friendly practices, and culinary experiences.
Underlying macroeconomic factors: The economic growth and increasing disposable income in countries like China and India have contributed to the growth of the Hotels market in APAC. As more people are able to afford travel and accommodation, there is a higher demand for a variety of hotel options ranging from budget to luxury. Additionally, government initiatives to promote tourism and infrastructure development have further boosted the hospitality sector in the region.
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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