Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in ASEAN is experiencing significant growth and development, driven by various factors shaping the industry in the region.
Customer preferences: Customers in ASEAN countries are increasingly seeking unique and personalized experiences when choosing accommodation options. This has led to a rise in demand for boutique hotels, eco-friendly resorts, and culturally immersive stays. Travelers are also placing a higher emphasis on convenience and technology, leading to the adoption of digital booking platforms and smart hotel amenities.
Trends in the market: In Thailand, there is a growing trend towards wellness tourism, with hotels offering spa retreats, healthy dining options, and fitness facilities to cater to health-conscious travelers. Vietnam is seeing a rise in luxury hotel developments, particularly in major cities like Hanoi and Ho Chi Minh City, to accommodate the influx of high-end tourists. Indonesia is experiencing a surge in budget hotel chains expanding across the archipelago, targeting cost-conscious travelers looking for affordable yet quality accommodation options.
Local special circumstances: In Singapore, the limited land availability has led to a focus on maximizing space and offering innovative design concepts in hotels. This has resulted in the rise of capsule hotels and compact luxury rooms to cater to both budget and upscale travelers. Malaysia, with its diverse cultural heritage, is witnessing a trend of heritage hotels being refurbished from colonial buildings and traditional homes, offering guests a glimpse into the country's rich history.
Underlying macroeconomic factors: The economic growth in ASEAN countries, coupled with the increasing middle-class population and rising disposable incomes, has fueled domestic and international travel within the region. Government initiatives to promote tourism and infrastructure development have also played a crucial role in driving the Hotels market forward. Additionally, the growing trend of digital nomadism and remote work arrangements has created a demand for extended stay hotels and co-living spaces in urban centers across ASEAN.
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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