Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Cameroon has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Cameroon are increasingly seeking unique and authentic experiences when choosing accommodation options. This has led to a rise in demand for boutique hotels and eco-friendly lodgings that offer a more personalized and sustainable stay.
Trends in the market: One notable trend in the Hotels market in Cameroon is the increasing focus on domestic tourism. As more Cameroonians choose to explore their own country, there is a growing demand for high-quality accommodation options across different regions. This trend has been further fueled by government initiatives to promote local tourism.
Local special circumstances: Cameroon's diverse cultural and natural landscapes make it a unique destination for travelers. The country boasts a rich heritage, including traditional music, dance, and crafts, which has been attracting a growing number of tourists. Additionally, Cameroon's strategic location as a gateway to Central Africa has positioned it as a hub for business travelers, further driving the demand for hotel accommodations.
Underlying macroeconomic factors: The economic stability and growth in Cameroon have played a significant role in the development of the Hotels market. With a growing middle class and increasing disposable income, more Cameroonians are able to afford travel and accommodation expenses. Additionally, government investments in infrastructure development have improved accessibility to different regions, making it easier for both domestic and international travelers to visit the country.
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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