Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Dominican Republic is experiencing a significant growth trend in recent years.
Customer preferences: Travelers visiting the Dominican Republic are increasingly seeking unique and personalized experiences during their stay. They are looking for hotels that offer not only comfortable accommodation but also immersive cultural experiences, eco-friendly practices, and authentic local cuisine.
Trends in the market: One notable trend in the Dominican Republic's Hotels market is the rise of boutique hotels and eco-friendly resorts. These smaller, more intimate accommodations cater to the growing demand for sustainable and experiential travel. Additionally, all-inclusive resorts continue to be popular among tourists looking for convenience and value for their money.
Local special circumstances: The Dominican Republic's diverse geography, including stunning beaches, lush rainforests, and vibrant cities, provides a wide range of opportunities for hotel development. This variety allows hoteliers to cater to different types of travelers, from beach lovers to adventure seekers and cultural enthusiasts. Moreover, the country's rich history and vibrant local culture serve as a unique selling point for hotels looking to offer authentic experiences to their guests.
Underlying macroeconomic factors: The growth of the Hotels market in the Dominican Republic is also influenced by macroeconomic factors such as increasing tourism arrivals, government support for the tourism industry, and infrastructure development. The country's stable political environment and investment-friendly policies have attracted both local and international hotel chains to expand their presence in the market. Additionally, the rise of digital platforms and online booking services has made it easier for travelers to research and book accommodations, contributing to the overall growth of the market.
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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