Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
Over the past few years, the Hotels market in LATAM has been experiencing significant growth and development.
Customer preferences: Customers in LATAM are increasingly seeking unique and authentic experiences when choosing hotels. They value personalized services, local cultural immersion, and sustainable practices. This shift in preferences has led to the rise of boutique hotels and eco-friendly accommodations in the region.
Trends in the market: In Brazil, the largest country in LATAM, there is a growing trend of hotel chains expanding their presence in key tourist destinations. This trend is driven by the increasing number of domestic and international tourists visiting the country each year. Additionally, the rise of online booking platforms has made it easier for travelers to find and compare accommodation options, leading to increased competition among hotels.
Local special circumstances: In Mexico, another key market in LATAM, the Hotels sector is influenced by the country's rich cultural heritage and diverse landscapes. Many hotels in Mexico focus on showcasing the country's history and traditions, offering guests a unique and immersive experience. The popularity of all-inclusive resorts in coastal areas has also been a significant trend in the Mexican Hotels market.
Underlying macroeconomic factors: The economic stability and growth in countries like Chile and Colombia have contributed to the expansion of the Hotels market in those regions. With a growing middle class and increasing disposable income, more people are able to afford travel and accommodation, driving demand for hotels. Additionally, government initiatives to promote tourism and investment in infrastructure have further supported the growth of the Hotels market in LATAM.
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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