Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Belgium has been experiencing significant growth and evolution in recent years.
Customer preferences: Customers in Belgium are increasingly seeking unique and personalized experiences when choosing accommodations. They are inclined towards boutique hotels, eco-friendly options, and establishments that offer authentic local experiences. This shift in preferences is driven by a desire for more meaningful travel experiences and a growing awareness of sustainability.
Trends in the market: One notable trend in the Belgian Hotels market is the rise of digital platforms and online booking services. This trend has made it easier for consumers to compare prices, read reviews, and book accommodations, leading to increased competition among hotels. Additionally, there is a growing demand for wellness and spa facilities within hotels as travelers prioritize health and relaxation during their stays.
Local special circumstances: Belgium's unique position as a hub for international organizations and businesses has contributed to the growth of the Hotels market. The country attracts a large number of business travelers, leading to a demand for upscale business hotels with modern amenities and conference facilities. Moreover, Belgium's rich cultural heritage and diverse culinary scene have made it a popular tourist destination, driving the demand for a variety of accommodation options.
Underlying macroeconomic factors: The stable economic environment in Belgium, coupled with steady growth in tourism, has created a favorable landscape for the Hotels market. The country's strategic location in Europe and well-developed transportation infrastructure have also played a role in attracting both leisure and business travelers. Additionally, government initiatives to promote tourism and investment in the hospitality sector have further fueled the growth of the market.
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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