Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Mexico is experiencing significant growth and development.
Customer preferences: Travelers in Mexico are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Additionally, with the growing popularity of wellness tourism, there is a preference for hotels offering spa facilities and healthy dining options.
Trends in the market: One notable trend in the Mexican hotel market is the increasing presence of international hotel chains expanding their operations in the country. This trend is driven by the growing tourism industry in Mexico, with popular destinations such as Cancun, Mexico City, and Playa del Carmen attracting a large number of domestic and international visitors.
Local special circumstances: Mexico's diverse cultural heritage and natural beauty make it a popular tourist destination, attracting visitors from around the world. The country's rich history, vibrant cuisine, and stunning landscapes contribute to the appeal of Mexican hotels. Additionally, the government's efforts to promote tourism and improve infrastructure have further boosted the hotel market in Mexico.
Underlying macroeconomic factors: The overall economic growth in Mexico, coupled with a stable political environment, has positively impacted the hotel market. The increase in disposable income among the middle class has led to higher spending on travel and accommodation. Furthermore, the depreciation of the Mexican peso has made the country a more affordable destination for international travelers, driving further growth in the hotel industry.
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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