Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in North Macedonia has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in North Macedonia are increasingly looking for unique and authentic experiences during their hotel stays. They prefer accommodations that offer cultural immersion and opportunities to explore the local traditions and cuisine. Additionally, there is a rising demand for eco-friendly and sustainable hotels among environmentally conscious travelers.
Trends in the market: One notable trend in the North Macedonian Hotels market is the increasing popularity of boutique hotels and guesthouses. These smaller, independently owned properties offer personalized services and a cozy atmosphere, attracting travelers seeking a more intimate setting. Another trend is the expansion of hotel chains into the region, providing visitors with trusted brands and consistent quality standards.
Local special circumstances: North Macedonia's rich cultural heritage and stunning natural landscapes play a significant role in shaping the Hotels market. The country's strategic location at the crossroads of Europe, Asia, and Africa also contributes to its appeal as a travel destination. The government's efforts to promote tourism and improve infrastructure have further boosted the development of the Hotels market in North Macedonia.
Underlying macroeconomic factors: The growing economy and increasing disposable income levels in North Macedonia have led to a rise in domestic and international tourism. As more people are able to afford travel, the demand for hotel accommodations has surged. Additionally, government initiatives to enhance the tourism sector, such as marketing campaigns and investment incentives, have stimulated further growth in the Hotels market.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
