Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Asia is experiencing a significant shift in consumer preferences and market trends, driven by various local special circumstances and underlying macroeconomic factors.
Customer preferences: Customers in Asia are increasingly looking for unique and personalized experiences when choosing hotels. They value authenticity, local culture, and sustainability in their accommodation choices. This has led to a rise in demand for boutique hotels, eco-friendly properties, and establishments that offer immersive cultural experiences.
Trends in the market: In Japan, there has been a growing trend of traditional ryokans adapting to modern preferences by incorporating technology and offering more diverse dining options. This blend of old-world charm with contemporary amenities has attracted both domestic and international travelers, contributing to the overall growth of the hotel market in the country.
Local special circumstances: In Thailand, the rise of medical tourism has had a significant impact on the hotel market. Many hotels are now catering to medical tourists by offering specialized services and facilities to accommodate their needs. This niche market has created opportunities for hotels to differentiate themselves and attract a new segment of customers.
Underlying macroeconomic factors: The rapid economic growth in countries like China and India has led to an increase in disposable income among the middle class. As a result, more people are traveling for leisure and business purposes, driving up the demand for hotels across the region. Additionally, government initiatives to promote tourism and infrastructure development have further boosted the hotel market in Asia.
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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