Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Georgia is experiencing significant growth and development.
Customer preferences: Travelers in Georgia are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique and luxury hotels. Tourists are looking for accommodations that offer cultural immersion and personalized services, driving the trend towards smaller, more intimate hotel properties. Additionally, there is a growing preference for eco-friendly and sustainable hotels among environmentally conscious travelers.
Trends in the market: One prominent trend in the Georgian hotel market is the expansion of international hotel chains into the country. This trend is fueled by the increasing number of tourists visiting Georgia each year, as well as the country's strategic location at the crossroads of Europe and Asia. These international hotel brands bring with them global standards of service and amenities, catering to the preferences of both domestic and international travelers.
Local special circumstances: Georgia's unique cultural heritage and diverse landscapes make it an attractive destination for tourists seeking memorable experiences. The country's rich history, delicious cuisine, and warm hospitality contribute to its appeal as a travel destination. The government's efforts to promote tourism through initiatives such as visa liberalization and infrastructure development have also played a significant role in driving growth in the hotel market.
Underlying macroeconomic factors: The stable economic growth in Georgia, coupled with increasing foreign direct investment, has positively impacted the hotel market. As the country continues to strengthen its position as a regional hub for business and tourism, the demand for quality accommodations is expected to rise. Additionally, Georgia's favorable tax policies and business-friendly environment have attracted hotel investors, leading to a surge in hotel development projects across 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.
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