Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
In Eastern Europe, the Hotels market is experiencing a significant growth trajectory driven by various factors.
Customer preferences: Travellers in Eastern Europe are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Additionally, there is a growing preference for hotels that offer wellness facilities and personalized services to enhance the overall guest experience.
Trends in the market: One notable trend in the Eastern European Hotels market is the increasing popularity of digital booking platforms, allowing customers to easily compare prices and make reservations online. Moreover, the region is witnessing a surge in investment in luxury hotels and resorts to cater to the rising number of high-end tourists visiting the region.
Local special circumstances: Eastern Europe's rich cultural heritage and diverse landscapes make it a popular tourist destination, attracting visitors from around the globe. Countries in this region often leverage their historical sites and natural beauty to attract tourists, leading to a growing demand for accommodations in both urban and rural areas.
Underlying macroeconomic factors: The Hotels market in Eastern Europe is also influenced by macroeconomic factors such as increasing disposable income levels among the local population and a rise in international tourism. As the region continues to develop and integrate with the global economy, the hospitality sector is expected to expand further to meet the growing demand for accommodation options.
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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