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Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Estonia has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Estonia are increasingly looking for unique and authentic experiences when choosing their accommodations. This has led to a rise in demand for boutique hotels and eco-friendly lodging options. Additionally, there is a growing preference for hotels that offer personalized services and local cultural experiences to enhance the overall stay.
Trends in the market: One of the notable trends in the Hotels market in Estonia is the increasing popularity of wellness and spa hotels. Travelers are seeking relaxation and rejuvenation during their trips, leading to a surge in demand for hotels that offer spa facilities and wellness programs. This trend aligns with the global focus on health and well-being in the hospitality industry.
Local special circumstances: Estonia's unique geographical location and natural landscapes have positioned it as a desirable destination for nature lovers and outdoor enthusiasts. As a result, hotels in Estonia are capitalizing on this by offering activities such as hiking, birdwatching, and forest excursions to attract visitors. The country's rich cultural heritage and historical sites also play a significant role in shaping the hotel market, with many establishments incorporating local traditions and designs into their offerings.
Underlying macroeconomic factors: The overall economic stability and growth in Estonia have contributed to the positive performance of the Hotels market. As disposable incomes rise and consumer confidence remains high, more people are willing to spend on travel and accommodations. Additionally, government initiatives to promote tourism and investment in infrastructure have further supported the development of the hotel sector in the country.
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)