Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
Denmark, known for its picturesque landscapes and rich history, has a diverse Hotels market that caters to both domestic and international tourists.
Customer preferences: Travelers in Denmark are increasingly seeking unique and personalized experiences, driving the demand for boutique hotels and eco-friendly accommodations. Customers value sustainability and authenticity, leading to a rise in eco-conscious hotels and farm stays. Moreover, the growing trend of wellness tourism has prompted hotels to offer spa facilities and healthy dining options to cater to health-conscious guests.
Trends in the market: One prominent trend in the Danish Hotels market is the digitalization of services. Hotels are investing in technology to enhance the guest experience, with mobile check-ins, keyless entry systems, and personalized recommendations based on guest preferences becoming increasingly common. Additionally, there is a growing emphasis on culinary tourism, with many hotels partnering with local chefs and producers to offer authentic Danish dining experiences to guests.
Local special circumstances: Denmark's strong focus on sustainability and environmental conservation has significantly influenced the Hotels market. Many hotels in Denmark have adopted eco-friendly practices such as energy-efficient heating systems, waste recycling programs, and locally sourced organic amenities. The concept of "hygge," which embodies coziness and contentment, is also a key element in Danish hotels, with many establishments prioritizing comfort and homely atmospheres to create a welcoming environment for guests.
Underlying macroeconomic factors: The stable economy and high standard of living in Denmark have contributed to the growth of the Hotels market. The country's strong reputation for safety and cleanliness makes it an attractive destination for tourists, driving demand for accommodation options. Additionally, government initiatives to promote tourism and hospitality have further boosted the sector, leading to a diverse range of hotel offerings to suit the preferences of different travelers.
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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