Hotels - Nicaragua | Statista Market Forecast

By 2024, the Hotels market in Nicaragua is expected to reach a revenue of US$36.18m.
The projected market volume for this sector by 2029 is US$47.84m, with an annual growth rate of 5.75%.
Additionally, the number of users in this market is projected to reach 477.10k users by 2029, with a user penetration rate of 5.4% in 2024, which is expected to increase to 6.3% by 2029.
The average revenue per user (ARPU) is expected to be US$93.62.
It is anticipated that by 2029, 86% of total revenue in this sector will be generated through online sales.
When compared globally, United States is expected to generate the most revenue in this market, reaching US$111bn in 2024.
Nicaragua's hotel market is seeing growth in eco-tourism, with sustainable and locally-owned properties becoming more popular among travelers.

Definition:

The Hotels market includes hotels and professionally-run guest houses. These accommodations can be booked directly via the providers website, through a tour operator, a travel agency, an online travel agency (OTA), or by telephone.

Additional Information:

The main performance indicators of the Hotels market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year. Well-known providers are Hotels.com, trivago, and Booking.com.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

For further information on the data displayed, refer to the info button right next to each box.

Booked directly via the providers website, through a tour operator, an online travel agency (OTA), a travel agency or by telephone

Private accommodation and holiday flats, private room and accommodation rentals (e.g. Airbnb)

Over the past few years, the Hotels market in Nicaragua has shown significant growth and development.

Customer preferences: Travelers in Nicaragua are increasingly looking for unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Tourists are also seeking personalized services and amenities that cater to their specific needs and preferences.

Trends in the market: One notable trend in the Nicaraguan Hotels market is the increasing investment in luxury resorts and all-inclusive properties, particularly in popular tourist destinations. This trend is driven by the growing number of high-end travelers looking for upscale accommodations and premium services. Additionally, there is a rising interest in sustainable tourism practices, prompting hotels to implement eco-friendly initiatives and promote responsible travel.

Local special circumstances: Nicaragua's diverse geography and rich cultural heritage make it a unique destination for travelers. The country's stunning beaches, lush rainforests, and colonial cities attract a wide range of tourists seeking different experiences. This diversity has led to the emergence of niche markets within the Hotels sector, such as wellness retreats, adventure lodges, and historical properties.

Underlying macroeconomic factors: The growth of the Hotels market in Nicaragua is also influenced by macroeconomic factors such as government policies, infrastructure development, and international tourism trends. The government's efforts to promote tourism and attract foreign investment have created a favorable business environment for hoteliers. Improvements in transportation networks and the overall stability of the economy have further supported the expansion of the hospitality industry in the country. Additionally, global trends such as the rise of digital platforms and online booking services have made it easier for hotels in Nicaragua to reach a wider audience and attract more guests.

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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