Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Nordics continues to experience growth and development driven by various factors.
Customer preferences: Customers in the Nordics are increasingly looking for unique and authentic experiences when choosing hotels. They value sustainability, eco-friendliness, and local cultural immersion in their accommodation choices. This has led to a rise in demand for boutique hotels, eco-lodges, and properties offering immersive experiences such as farm stays or wilderness retreats.
Trends in the market: In Sweden, there is a growing trend towards wellness-focused hotels offering spa facilities, yoga classes, and healthy dining options. This caters to the increasing demand for wellness tourism among both domestic and international travelers. In Norway, the trend of "slow travel" is gaining popularity, with travelers seeking remote and off-the-beaten-path locations for a peaceful retreat. This has led to the development of hotels in scenic and secluded areas, offering a tranquil environment for guests.
Local special circumstances: Denmark is seeing a rise in the concept of "hygge" in hotels, focusing on creating cozy and comfortable spaces for guests to relax and unwind. This trend aligns with the Danish culture of coziness and contentment, appealing to both domestic and international visitors. In Finland, the emergence of "design hotels" is gaining momentum, with a focus on modern and innovative architecture and interior design. These hotels showcase Finnish design aesthetics and craftsmanship, attracting design-conscious travelers.
Underlying macroeconomic factors: The strong economy in the Nordics, coupled with stable political environments, has contributed to the growth of the Hotels market. The region's reputation for safety, cleanliness, and high quality of life also attracts a steady flow of tourists, supporting the hospitality industry. Additionally, government initiatives promoting tourism and sustainable practices have further boosted the development of hotels in the Nordics.
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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