Hotels - Fiji | Statista Market Forecast

Hotels - Fiji

Fiji

Highlights

The Hotels market in Fiji is expected to witness a rise in revenue, with projections indicating a figure of US$6.91m by 2024.
The revenue is further expected to grow annually at a rate of 5.19% (CAGR 2024-2029), ultimately resulting in a market volume projection of US$8.90m by 2029.
By 2029, the number of users in the Hotels market is expected to reach 75.16k users.
The user penetration rate is anticipated to increase from 5.6% in 2024 to 7.7% by 2029.
The average revenue per user (ARPU) is expected to be US$130.30.
Online sales are expected to contribute significantly to the total revenue of the Hotels market, with a projected share of 74% by 2029.
It is noteworthy that United States is expected to generate the most revenue in this market globally, with a projected figure of US$111bn in 2024.
Fiji's hotel market is experiencing a rise in eco-friendly accommodations, catering to tourists who prioritize sustainable travel.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Over the past few years, the Hotels market in Fiji has been experiencing a significant growth trajectory, driven by various factors influencing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Travelers in Fiji are increasingly seeking unique and authentic experiences, prompting hotels to offer more personalized and culturally immersive services. Visitors are showing a preference for eco-friendly accommodations that promote sustainability and support local communities. Additionally, there is a growing demand for luxury resorts and boutique hotels that cater to the discerning tastes of high-end travelers.

Trends in the market: One notable trend in the Hotels market in Fiji is the rise of wellness tourism. Travelers are looking for hotels that offer spa facilities, yoga retreats, and healthy dining options to rejuvenate both the body and mind. This trend aligns with the global movement towards health and wellness, indicating a shift in consumer behavior towards prioritizing self-care during vacations. Moreover, the increasing popularity of destination weddings and honeymoon tourism is driving hotels to enhance their romantic offerings and tailor packages to cater to couples seeking a memorable experience.

Local special circumstances: Fiji's unique geographical location and rich cultural heritage have positioned it as a desirable tourist destination. The country's stunning beaches, crystal-clear waters, and vibrant marine life attract a diverse range of travelers, from adventure seekers to luxury vacationers. Hotels in Fiji often incorporate traditional Fijian design elements and warm hospitality to create an authentic and welcoming atmosphere for guests. The prevalence of all-inclusive resorts and family-friendly accommodations further caters to the preferences of different types of travelers visiting the islands.

Underlying macroeconomic factors: The Hotels market in Fiji is also influenced by broader macroeconomic factors such as exchange rates, government policies, and global economic conditions. Fluctuations in currency values can impact tourism flows and hotel revenues, affecting pricing strategies and profit margins. Government initiatives to promote tourism development and infrastructure improvements play a crucial role in attracting investment and expanding the hospitality sector. Additionally, external factors like natural disasters and geopolitical events can have unforeseen effects on the market, highlighting the importance of risk management and contingency planning for hotel operators in Fiji.

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.