Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Argentina has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Argentina are increasingly looking for unique and personalized experiences when choosing hotel accommodations. They are seeking hotels that offer cultural immersion, local authenticity, and sustainable practices. This shift in preferences has led to a rise in boutique hotels, eco-friendly lodgings, and properties that showcase the country's rich heritage and traditions.
Trends in the market: One noticeable trend in the Argentine Hotels market is the increasing popularity of digital booking platforms and online travel agencies. This trend has made it easier for both domestic and international travelers to find and book accommodations, leading to a more competitive landscape among hoteliers. Additionally, there has been a growing interest in luxury and high-end hotels, catering to affluent travelers looking for premium services and amenities.
Local special circumstances: Argentina's diverse landscapes and attractions, including vibrant cities, stunning natural wonders, and rich cultural heritage, have positioned the country as a popular tourist destination. This has driven the growth of the Hotels market, with establishments in key tourist areas experiencing high demand throughout the year. The rise of international tourism and the government's efforts to promote travel to Argentina have also contributed to the expansion of the hotel industry.
Underlying macroeconomic factors: The economic stability and growth in Argentina have played a crucial role in the development of the Hotels market. As the country continues to attract foreign investment and expand its tourism sector, the demand for accommodations has increased. Additionally, government initiatives to improve infrastructure, enhance connectivity, and streamline visa processes have made Argentina more accessible to travelers, further fueling the growth of the hotel industry.
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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