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Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Eastern Asia is experiencing significant growth and evolution, driven by various factors unique to the region.
Customer preferences: Customers in Eastern Asia are increasingly seeking unique and personalized experiences when choosing hotels. This has led to a rise in demand for boutique hotels and luxury accommodations that offer cultural immersion and local authenticity. Additionally, there is a growing preference for hotels that prioritize sustainability and eco-friendliness in their operations.
Trends in the market: In Japan, there is a trend towards traditional ryokans and capsule hotels, catering to both domestic and international tourists seeking a blend of modernity and tradition. South Korea is witnessing a surge in themed hotels and accommodations, attracting a younger demographic looking for Instagram-worthy stays. China, on the other hand, is seeing a rise in luxury hotels and resorts, driven by an expanding middle class with higher disposable income.
Local special circumstances: In countries like South Korea and Japan, the government plays a significant role in promoting tourism and hospitality through initiatives such as visa relaxations and infrastructure development. This has positively impacted the Hotels market by attracting more international visitors and boosting domestic tourism. In China, the booming economy and increasing urbanization have led to a surge in business travel, creating a demand for high-end business hotels in major cities.
Underlying macroeconomic factors: The economic growth in Eastern Asia has resulted in a rise in disposable income and consumer spending, driving the demand for both domestic and international travel. Additionally, the region's growing middle class is increasingly prioritizing travel and leisure experiences, fueling the expansion of the Hotels market. Moreover, government support and investment in tourism infrastructure have further propelled the growth of the hospitality sector in Eastern Asia.
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)