Hotels - NAFTA | Statista Market Forecast

Hotels - NAFTA

NAFTA

Highlights

It is projected that the Hotels market in NAFTA will generate a revenue of US$125.80bn in 2024.
This revenue is expected to increase at an annual growth rate of 3.78% (CAGR 2024-2029), which will result in a projected market volume of US$151.40bn by 2029.
The number of users in the Hotels market is also expected to rise, reaching 256.80m users by 2029.
In 2024, the user penetration rate is expected to be 42.1%, which is predicted to increase to 48.9% by 2029.
The average revenue per user (ARPU) is estimated to be US$584.70.
By 2029, online sales are expected to contribute 79% of the total revenue generated by the Hotels market.
In comparison to other countries, United States is projected to generate the most revenue in the Hotels market, with a revenue of US$111bn in 2024.
Hotels in the NAFTA region are increasingly focused on sustainability and eco-friendliness to attract conscious travelers.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Hotels market in NAFTA is experiencing dynamic changes driven by evolving customer preferences and local special circumstances.

Customer preferences: Customers in the NAFTA region are increasingly seeking unique and personalized experiences when choosing accommodation options. They are looking for hotels that offer not just a place to stay, but also provide memorable experiences and opportunities for cultural immersion. This shift in preferences has led to a rise in demand for boutique hotels, eco-friendly accommodations, and properties that showcase local art and cuisine.

Trends in the market: In the United States, there is a growing trend towards experiential travel, with travelers looking to engage in local activities and explore off-the-beaten-path destinations. This trend has influenced the hotel market, with an increasing number of hotels offering unique experiences such as cooking classes, guided tours, and wellness retreats to cater to this demand. Additionally, there is a rise in the development of lifestyle hotels that cater to specific niches such as wellness-focused travelers or digital nomads.

Local special circumstances: In Mexico, the hotel market is influenced by the country's rich cultural heritage and natural beauty. Hotels in Mexico often showcase traditional architecture, vibrant colors, and local craftsmanship to provide guests with an authentic experience. The rise of luxury resorts in popular tourist destinations like Cancun and Los Cabos caters to the demand for high-end accommodations with world-class amenities and services.

Underlying macroeconomic factors: The Hotels market in Canada is influenced by the country's strong economy and stable political environment. The rise in international tourism, particularly from countries like China and India, has led to an increase in demand for hotels across the country. Additionally, government initiatives to promote tourism and investment in infrastructure have further boosted the hotel market in Canada.

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.