Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Central & Western Europe is experiencing a shift in customer preferences towards unique and personalized experiences rather than traditional amenities and services.
Customer preferences: Travelers in Central & Western Europe are increasingly seeking unique and authentic experiences during their hotel stays. This trend has led to a rise in demand for boutique hotels, eco-friendly accommodations, and properties that offer local cultural immersion. Customers are also placing a higher value on personalized services, such as customized travel itineraries, exclusive dining experiences, and tailored recreational activities.
Trends in the market: In countries like France, Italy, and Spain, there is a growing trend towards sustainable tourism practices in the hotel industry. Many hotels are implementing eco-friendly initiatives, such as energy-efficient systems, waste reduction programs, and locally sourced materials. Additionally, the rise of digital nomadism and remote work has led to an increase in the popularity of hotels offering co-working spaces and high-speed internet connectivity.
Local special circumstances: Germany, known for its efficiency and innovation, has seen a rise in smart hotels that leverage technology to enhance the guest experience. These hotels offer features like mobile check-in, keyless entry, and virtual concierge services. In the United Kingdom, the luxury segment of the market is thriving, with an emphasis on opulent accommodations, Michelin-starred dining options, and exclusive amenities tailored to affluent travelers.
Underlying macroeconomic factors: The Hotels market in Central & Western Europe is also influenced by macroeconomic factors such as currency fluctuations, geopolitical events, and regulatory changes. The region's strong economic performance and high levels of disposable income have contributed to an increase in domestic and international tourism. However, uncertainties surrounding Brexit, trade agreements, and global health crises can impact consumer confidence and travel behavior, ultimately shaping the trajectory of the hotel industry in the region.
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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