Hotels - Finland | Statista Market Forecast

Hotels - Finland

Finland

Highlights

It is predicted that the Hotels market in Finland will experience a substantial rise in revenue, reaching US$1.53bn by 2024.
Moreover, it is expected to see a CAGR of 3.48% from 2024 to 2029, resulting in a projected market volume of US$1.81bn by 2029.
The number of users in this market is also projected to increase, reaching 3.45m users by 2029.
In 2024, the user penetration is estimated to be 55.4%, which is expected to grow to 62.0% by 2029.
The ARPU is expected to remain constant at US$496.50.
Furthermore, online sales are projected to account for 88% of total revenue in this market by 2029.
Notably, in comparison to other countries, United States is expected to generate the highest revenue in the Hotels market, reaching US$111bn in 2024.
Finland's hotel market is focusing on sustainable tourism, with many hotels implementing eco-friendly practices and offering nature-based experiences.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Hotels market in Finland has been experiencing a notable shift in consumer preferences and market trends, influenced by various local special circumstances and underlying macroeconomic factors.

Customer preferences: Customers in Finland are increasingly seeking unique and personalized experiences when choosing accommodation options. This trend aligns with the global shift towards experiential travel, where travelers prioritize authenticity and local immersion. As a result, there has been a rise in demand for boutique hotels, eco-friendly accommodations, and properties that offer cultural experiences.

Trends in the market: One prominent trend in the Finnish Hotels market is the growing popularity of sustainable and eco-friendly practices. Travelers are becoming more environmentally conscious, leading to an increased demand for green hotels that prioritize energy efficiency, recycling programs, and locally sourced materials. Additionally, the use of technology in enhancing guest experiences, such as mobile check-ins and smart room features, is becoming more prevalent in the market.

Local special circumstances: Finland's unique geographical location and natural attractions play a significant role in shaping the Hotels market. The country's stunning landscapes, including lakes, forests, and the Northern Lights, attract tourists seeking outdoor activities and nature-based experiences. This has led to a rise in demand for hotels that offer proximity to these natural wonders, as well as activities such as hiking, skiing, and wildlife watching.

Underlying macroeconomic factors: The Hotels market in Finland is also influenced by macroeconomic factors such as government policies, economic stability, and currency exchange rates. The country's strong economy and stable political environment have contributed to a growing tourism industry, attracting both domestic and international visitors. Additionally, fluctuations in currency exchange rates can impact tourism flows and affect the affordability of travel to Finland for foreign tourists.

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.