Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Chile has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Chile are increasingly looking for unique and authentic experiences, leading to a rise in demand for boutique and eco-friendly hotels. Customers are also placing a strong emphasis on convenience and technology, driving the adoption of online booking platforms and smart hotel amenities.
Trends in the market: One notable trend in the Chilean Hotels market is the increasing focus on sustainability and eco-friendly practices. Many hotels are implementing green initiatives to appeal to environmentally conscious travelers. Additionally, there is a growing trend towards experiential travel, with hotels offering activities and cultural experiences to attract guests.
Local special circumstances: Chile's diverse geography and natural beauty play a significant role in shaping the Hotels market. The country's stunning landscapes, including the Atacama Desert and Patagonia, attract travelers seeking adventure and exploration. This has led to a rise in demand for hotels in these regions, offering unique experiences such as stargazing or glacier hiking.
Underlying macroeconomic factors: The stability of Chile's economy and the growth of its tourism industry are key macroeconomic factors driving the development of the Hotels market. As the country continues to attract international visitors and invest in infrastructure, the hospitality sector is poised for further expansion. Additionally, government initiatives to promote tourism and foreign investment are creating a favorable business environment for hoteliers in Chile.
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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