Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Costa Rica has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Costa Rica are increasingly looking for unique and immersive experiences when choosing hotels. They are inclined towards eco-friendly and sustainable accommodations, seeking to connect with nature and local culture during their stay. Additionally, the demand for all-inclusive resorts offering convenience and relaxation remains high among tourists visiting the country.
Trends in the market: One prominent trend in the Costa Rican hotel market is the rise of boutique hotels and eco-lodges that cater to the growing ecotourism trend. These establishments focus on providing authentic experiences while minimizing their environmental impact. Moreover, there is a noticeable shift towards digitalization and online booking platforms to enhance customer convenience and reach a broader audience.
Local special circumstances: Costa Rica's unique biodiversity and rich natural landscapes play a crucial role in shaping the hotel market. The country's reputation as a sustainable tourism destination has led to an increase in eco-conscious travelers seeking accommodations that align with their values. Furthermore, the government's efforts to promote tourism and invest in infrastructure have contributed to the growth of the hotel sector.
Underlying macroeconomic factors: Costa Rica's stable political environment, coupled with its strategic location and well-established tourism industry, has attracted a steady flow of international visitors. The country's strong economic performance and increasing disposable income among the middle class have also boosted domestic tourism, driving demand for a variety of hotel offerings. Additionally, government initiatives to promote sustainable tourism practices and support the hospitality sector have created a favorable business environment for hotel operators in Costa Rica.
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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