Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Central America is experiencing significant growth and development, driven by various factors unique to the region.
Customer preferences: Travelers in Central America are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Tourists are also showing a preference for hotels that offer cultural immersion and local experiences, rather than traditional chain hotels.
Trends in the market: One notable trend in the Central American hotel market is the increasing popularity of wellness and eco-tourism. Hotels in the region are incorporating sustainable practices, such as using renewable energy sources and reducing plastic waste, to attract environmentally conscious travelers. Additionally, there is a growing trend of hotels partnering with local communities to offer authentic cultural experiences to guests.
Local special circumstances: Central America's diverse natural landscapes, including pristine beaches, lush rainforests, and ancient ruins, make it a popular destination for ecotourism and adventure seekers. This has led to a proliferation of boutique eco-hotels and luxury resorts that cater to travelers looking to immerse themselves in the region's natural beauty.
Underlying macroeconomic factors: The improving economic stability and infrastructure development in many Central American countries have contributed to the growth of the hotel market. Increasing foreign investment in the tourism sector, along with government initiatives to promote the region as a tourist destination, have also played a significant role in driving the expansion of the hotel industry. Additionally, the rise of digital platforms and online booking services has made it easier for travelers to discover and book accommodations in Central America, further fueling 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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