Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Azerbaijan is experiencing notable growth and development.
Customer preferences: Travelers in Azerbaijan are increasingly looking for unique and authentic experiences when choosing accommodations. They are drawn to hotels that offer local cultural elements, personalized services, and immersive activities. This shift in preferences is in line with the global trend of experiential travel, where tourists seek meaningful interactions and connections during their stay.
Trends in the market: One prominent trend in the Azerbaijani Hotels market is the rise of boutique and luxury hotels. These establishments cater to the growing demand for high-end accommodations among both domestic and international travelers. Additionally, there is a noticeable increase in the number of eco-friendly and sustainable hotels in Azerbaijan, reflecting a growing awareness of environmental issues among consumers.
Local special circumstances: Azerbaijan's strategic location as a gateway between Europe and Asia has positioned it as a popular destination for both business and leisure travelers. The country's rich cultural heritage, diverse landscapes, and vibrant cities contribute to its appeal as a tourist destination. The government's efforts to promote tourism through initiatives such as visa liberalization have also played a significant role in driving the growth of the Hotels market.
Underlying macroeconomic factors: The Hotels market in Azerbaijan is benefiting from a stable economic environment and increasing disposable incomes among the population. As the country continues to diversify its economy and invest in infrastructure development, the tourism sector is poised to expand further. The growing number of international events and conferences hosted in Azerbaijan also contribute to the rising demand for hotel accommodations.
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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