Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
In recent years, the Hotels market in Central Africa has been experiencing significant growth and development.
Customer preferences: Customers in Central Africa are increasingly looking for unique and authentic experiences when choosing hotels. They are drawn to establishments that offer cultural immersion, eco-friendly practices, and personalized services. This shift in preferences has led to a rise in boutique hotels and eco-lodges that cater to these specific needs.
Trends in the market: One notable trend in the Central African hotel market is the increasing investment in infrastructure and tourism facilities. Governments in the region are recognizing the potential of the tourism sector to drive economic growth and are therefore investing in improving transportation networks, promoting tourist attractions, and enhancing overall visitor experiences. This investment is attracting international hotel chains to expand their presence in the region, further diversifying the market offerings.
Local special circumstances: Central Africa's rich natural landscapes, including national parks, wildlife reserves, and tropical forests, present a unique opportunity for hoteliers in the region. Hotels that are located in close proximity to these natural wonders are able to capitalize on the growing interest in eco-tourism and wildlife safaris. Additionally, the region's cultural heritage and vibrant local communities provide a distinct charm that appeals to travelers seeking authentic experiences.
Underlying macroeconomic factors: The improving economic conditions in Central Africa, coupled with a growing middle class with disposable income, have contributed to the expansion of the hotel market. As more people are able to afford leisure travel, there is a rising demand for quality accommodation options across the region. Additionally, government initiatives to promote tourism and facilitate foreign investment are creating a conducive environment for the growth of the hospitality industry in Central Africa.
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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