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Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Czechia has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Czechia are increasingly looking for unique and authentic experiences, driving the demand for boutique and design hotels. Customers are also placing a high value on sustainability and eco-friendly practices in the hospitality industry.
Trends in the market: One notable trend in the Czechia Hotels market is the rise of digital platforms and online booking services, making it easier for customers to compare prices and make reservations. Additionally, there is a growing interest in wellness tourism, leading to an increase in spa and wellness-focused hotels across the country.
Local special circumstances: Czechia's rich cultural heritage and historical landmarks make it a popular tourist destination, attracting visitors from all over the world. The country's central location in Europe also contributes to its appeal as a travel hub, further boosting the Hotels market.
Underlying macroeconomic factors: The overall growth of the tourism industry in Czechia, supported by a stable economy and increasing disposable income among consumers, has been a key driver for the expansion of the Hotels market. Additionally, government initiatives to promote tourism and infrastructure development have played a significant role in shaping the market landscape.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)