Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in India is experiencing significant growth and evolution, driven by various factors shaping consumer preferences and market dynamics.
Customer preferences: Customers in India are increasingly seeking unique and personalized experiences when choosing hotels. This trend is fueled by a growing middle class with higher disposable income, leading to a shift towards experiential travel rather than traditional accommodation. Tourists and business travelers alike are looking for hotels that offer cultural immersion, local authenticity, and sustainability practices.
Trends in the market: One of the prominent trends in the Indian Hotels market is the rise of boutique and eco-friendly hotels. These establishments cater to the demand for sustainable and responsible tourism practices, offering guests a chance to reduce their carbon footprint while enjoying a distinctive stay. Additionally, the market is witnessing a surge in technology integration, with hotels leveraging digital solutions for seamless booking experiences, personalized services, and contactless check-ins.
Local special circumstances: India's diverse cultural heritage and rich history play a significant role in shaping the Hotels market. Many hotels in India are repurposed heritage buildings, palaces, or forts, offering guests a chance to immerse themselves in the country's royal past. This unique selling point attracts both domestic and international tourists looking for a blend of luxury and tradition. Furthermore, the popularity of wellness tourism in India has led to the emergence of Ayurveda resorts and yoga retreats, catering to health-conscious travelers seeking holistic experiences.
Underlying macroeconomic factors: The growing economy in India, coupled with increasing urbanization and infrastructure development, is fueling the expansion of the Hotels market. Rising domestic and international tourism, along with government initiatives to promote hospitality and tourism, are creating a conducive environment for hoteliers to invest in new properties and enhance existing ones. Moreover, the rise of digital platforms and online travel agencies has made it easier for hotels to reach a wider audience and streamline their operations, contributing to the overall growth of the market.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
