Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
Over the past few years, the Hotels market in New Zealand has been experiencing significant growth and development.
Customer preferences: Tourists and travelers in New Zealand are increasingly looking for unique and authentic experiences during their stays. This has led to a rise in demand for boutique hotels, eco-friendly accommodations, and properties that offer cultural immersion activities.
Trends in the market: One notable trend in the New Zealand Hotels market is the increasing use of technology to enhance the guest experience. Many hotels are incorporating smart room features, mobile check-in options, and personalized recommendations based on guest preferences. Additionally, there is a growing trend towards sustainable practices, with hotels implementing green initiatives to reduce their environmental impact.
Local special circumstances: New Zealand's unique natural landscapes and outdoor activities are major attractions for tourists. As a result, hotels in popular tourist destinations such as Queenstown and Rotorua are experiencing high demand year-round. The country's strong focus on sustainability and conservation also influences the design and operation of hotels, with many properties incorporating eco-friendly practices.
Underlying macroeconomic factors: The overall growth in the tourism industry in New Zealand, driven by factors such as government initiatives, international marketing campaigns, and improved air connectivity, has had a positive impact on the Hotels market. Additionally, the country's stable economy and low unemployment rate have contributed to increased domestic travel, further boosting the demand for accommodation options.
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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