Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Gambia is experiencing a significant growth trajectory driven by various factors.
Customer preferences: Customers in Gambia are increasingly seeking unique and authentic experiences when choosing hotels. This trend aligns with the global shift towards experiential travel, where tourists look for accommodations that offer cultural immersion and local interactions. As a result, boutique hotels and eco-friendly lodgings are gaining popularity among travelers visiting Gambia.
Trends in the market: One notable trend in the Gambian Hotels market is the rise of eco-tourism and sustainable practices. With the growing global awareness of environmental issues, travelers are becoming more conscious of their carbon footprint. Hotels in Gambia are responding to this trend by implementing eco-friendly initiatives such as solar power, water conservation measures, and locally sourced materials for construction. This focus on sustainability not only attracts environmentally conscious tourists but also helps hotels reduce operating costs in the long run.
Local special circumstances: Gambia's unique geographical position as the smallest country in mainland Africa and its reputation as the "Smiling Coast of Africa" contribute to its appeal as a tourist destination. The country's rich cultural heritage, diverse wildlife, and pristine beaches attract a steady flow of international visitors, driving the demand for accommodation options. Additionally, Gambia's political stability and efforts to improve infrastructure and promote tourism further support the growth of the Hotels market in the country.
Underlying macroeconomic factors: The Hotels market in Gambia is also influenced by macroeconomic factors such as foreign investment, government policies, and exchange rates. The government's investment in tourism infrastructure, including the expansion of airports and promotion of Gambia as a tourist destination, plays a crucial role in attracting international hotel chains and investors. Moreover, the stability of the local currency and favorable exchange rates contribute to making Gambia an affordable destination for foreign tourists, boosting the hospitality sector's growth.
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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