Hotels - Ghana | Statista Market Forecast

By 2024, the projected revenue for Ghana's Hotels market is estimated to reach US$183.40m.
It is expected that the revenue will grow annually at a rate of 8.83% between 2024 and 2029, resulting in a substantial market volume of US$280.00m by the end of the period.
The number of users in the Hotels market is also expected to increase to 2.56m users by 2029.
The user penetration rate is predicted to rise from 4.9% in 2024 to 6.7% by 2029.
Moreover, the average revenue per user (ARPU) is expected to be US$106.70.
It is worth noting that 78% of the total revenue in the Hotels market is expected to be generated through online sales by 2029.
When compared globally, United States is projected to generate the highest revenue of US$111bn in 2024.
Ghana's hotel market is experiencing growth due to increased tourism, with a focus on eco-friendly and culturally immersive accommodations.

Definition:

The Hotels market includes hotels and professionally-run guest houses. These accommodations can be booked directly via the providers website, through a tour operator, a travel agency, an online travel agency (OTA), or by telephone.

Additional Information:

The main performance indicators of the Hotels market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year. Well-known providers are Hotels.com, trivago, and Booking.com.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

For further information on the data displayed, refer to the info button right next to each box.

Booked directly via the providers website, through a tour operator, an online travel agency (OTA), a travel agency or by telephone

Private accommodation and holiday flats, private room and accommodation rentals (e.g. Airbnb)

The Hotels market in Ghana has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Ghana are increasingly looking for unique and authentic experiences when choosing hotels. They seek accommodations that offer cultural immersion, local cuisine, and opportunities to engage with the community. This shift in preferences has led to a rise in boutique hotels and eco-friendly lodgings that cater to the demand for more personalized and sustainable travel experiences.

Trends in the market: One notable trend in the Ghanaian Hotels market is the expansion of international hotel chains into the country. Major players in the industry are recognizing the growth potential in Ghana and are investing in new properties to cater to both business and leisure travelers. This trend is not only expanding the options available to customers but also raising the overall standards of hospitality in the country.

Local special circumstances: Ghana's stable political environment and growing economy have made it an attractive destination for both foreign investors and tourists. The government's efforts to promote tourism and improve infrastructure have further boosted the Hotels market. Additionally, the country's rich cultural heritage and natural attractions, such as pristine beaches and national parks, continue to draw visitors from around the world, driving the demand for quality accommodations.

Underlying macroeconomic factors: The steady economic growth in Ghana, coupled with a rising middle class and increasing disposable income, has contributed to the expansion of the Hotels market. As more Ghanaians have the means to travel and explore their own country, the demand for hotels and accommodations has surged. Additionally, the government's focus on diversifying the economy and promoting tourism has created a favorable environment for investment in the hospitality sector.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.