Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Caribbean is experiencing a notable shift in customer preferences, market trends, and local special circumstances.
Customer preferences: Travelers in the Caribbean are increasingly seeking unique and authentic experiences, driving the demand for boutique hotels and eco-friendly accommodations. Visitors are looking for personalized services, cultural immersion, and sustainable practices in their hotel choices.
Trends in the market: One prominent trend in the Caribbean hotel market is the rise of all-inclusive resorts, catering to tourists looking for hassle-free vacations with everything included. Additionally, there is a growing popularity of luxury resorts and wellness retreats, attracting high-end clientele seeking premium amenities and relaxation.
Local special circumstances: The Caribbean region's unique geography and natural beauty play a significant role in shaping the hotel market. With stunning beaches, crystal-clear waters, and lush landscapes, hotels in the Caribbean often emphasize outdoor activities, water sports, and wellness offerings to capitalize on the region's natural attractions.
Underlying macroeconomic factors: The Hotels market in Caribbean is also influenced by broader economic factors such as tourism trends, exchange rates, and global economic conditions. The stability of the region, government policies, and infrastructure development are crucial for attracting investment and driving growth in the hotel industry.
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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