Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Bhutan is experiencing a notable growth trajectory driven by various factors.
Customer preferences: Travelers in Bhutan are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. The emphasis on cultural immersion and sustainable practices is shaping customer preferences in the hotel industry.
Trends in the market: One prominent trend in the Bhutanese Hotels market is the integration of traditional Bhutanese architecture and design elements to offer guests a truly immersive experience. Many hotels are also focusing on providing wellness and spiritual retreats, catering to the growing trend of holistic travel experiences.
Local special circumstances: Bhutan's unique policy of high-value, low-impact tourism plays a significant role in shaping the Hotels market. The government's emphasis on preserving the country's culture and environment influences hotel development, leading to a more exclusive and high-end market segment.
Underlying macroeconomic factors: The steady growth of Bhutan's economy, driven by sectors such as hydropower and tourism, is creating a favorable environment for investments in the Hotels market. Additionally, the government's initiatives to promote tourism and infrastructure development are further fueling the growth of the hotel industry in Bhutan.
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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