Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Croatia has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Croatia are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Visitors are also showing a preference for hotels that offer local cuisine and cultural activities to immerse themselves in the destination.
Trends in the market: One notable trend in the Croatian Hotels market is the refurbishment and renovation of existing properties to meet the growing demand for higher quality accommodations. Additionally, there is a rise in the development of luxury hotels and resorts along the stunning coastline, capitalizing on Croatia's popularity as a tourist destination.
Local special circumstances: Croatia's unique geographical position and natural beauty play a significant role in shaping the Hotels market. The country's Adriatic coast and picturesque islands attract a large number of tourists, leading to a concentration of hotel development in these coastal regions. Furthermore, Croatia's rich history and cultural heritage contribute to the demand for hotels located in historic buildings or offering traditional experiences.
Underlying macroeconomic factors: The growth of the Hotels market in Croatia is also influenced by macroeconomic factors such as increasing disposable incomes and a stable tourism industry. The country's accession to the European Union has further boosted tourism and investment in the hospitality sector, driving the development of new hotels and accommodations to cater to the growing number of visitors.
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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