Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Hungary is experiencing a notable shift in consumer preferences, market trends, and local special circumstances that are shaping its development.
Customer preferences: Travelers in Hungary are increasingly seeking unique and authentic experiences when choosing accommodations, leading to a rise in demand for boutique hotels and eco-friendly options. Visitors are also placing a higher value on personalized services, local cultural immersion, and convenient digital booking platforms.
Trends in the market: One prominent trend in the Hungarian Hotels market is the growing popularity of wellness and spa resorts, capitalizing on the country's rich thermal water resources and long-standing tradition of thermal baths. Additionally, there is a noticeable increase in demand for luxury accommodations in major cities like Budapest, catering to high-end tourists and business travelers.
Local special circumstances: Hungary's strategic location in Central Europe makes it a hub for international tourism, attracting visitors from neighboring countries and beyond. The country's diverse landscape, including historic sites, picturesque villages, and vibrant cultural events, contributes to the growing demand for accommodations across different regions.
Underlying macroeconomic factors: The Hotels market in Hungary is also influenced by macroeconomic factors such as foreign investment, government tourism initiatives, and exchange rate fluctuations. The country's stable economic growth, improving infrastructure, and participation in the European Union contribute to a favorable business environment for hotel operators. Additionally, events like international conferences, sports competitions, and festivals play a significant role in driving demand for accommodations in Hungary.
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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