Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Cuba has been experiencing significant growth and development in recent years.
Customer preferences: Tourists visiting Cuba have shown a strong preference for unique and authentic experiences, driving the demand for boutique hotels and eco-friendly accommodations. Many travelers seek to immerse themselves in the local culture and history, leading to a rise in the popularity of hotels that offer traditional Cuban architecture and design elements.
Trends in the market: One notable trend in the Cuban hotel market is the increasing presence of international hotel chains entering the country through joint ventures with Cuban companies. This trend not only brings in expertise and resources to improve infrastructure and service quality but also enhances the overall competitiveness of the market. Additionally, the government's efforts to promote tourism have resulted in a growing number of visitors, further fueling the expansion of the hotel industry.
Local special circumstances: Cuba's unique history and culture play a significant role in shaping the hotel market. The country's vibrant music, art, and culinary scene have become major attractions for tourists, influencing their choice of accommodations. As a result, many hotels in Cuba strive to showcase the rich cultural heritage of the island, offering guests a truly immersive experience during their stay.
Underlying macroeconomic factors: The gradual opening up of the Cuban economy and the easing of travel restrictions have contributed to the growth of the hotel market. With an increasing number of visitors from around the world, there is a growing need for quality accommodations to meet the rising demand. The government's focus on developing tourism infrastructure and promoting foreign investment has created a favorable environment for the expansion of the hotel industry in Cuba.
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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