Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Panama is experiencing a significant growth trajectory, with an increasing number of tourists visiting the country each year.
Customer preferences: Tourists visiting Panama are showing a growing preference for boutique hotels and eco-friendly accommodations. They seek unique experiences that are in harmony with the country's natural beauty and cultural heritage. This shift in preferences has led to a rise in the number of boutique hotels and eco-lodges across Panama, catering to the needs of these discerning travelers.
Trends in the market: One notable trend in the Panama Hotels market is the expansion of luxury hotel chains into the country. International hotel brands are recognizing the potential of Panama as a key tourist destination and are investing in high-end accommodations to attract luxury travelers. This trend is not only elevating the overall quality of hospitality services in the country but also contributing to the diversification of the hotel market.
Local special circumstances: Panama's strategic location as a bridge between North and South America makes it a hub for business and leisure travelers alike. The country's booming economy and the development of key infrastructure projects, such as the Panama Canal expansion, have further fueled the growth of the Hotels market. Additionally, Panama's unique blend of urban sophistication and natural beauty appeals to a wide range of tourists, driving demand for diverse hotel offerings.
Underlying macroeconomic factors: The stable economic growth in Panama, coupled with government initiatives to promote tourism, has created a favorable environment for the Hotels market to thrive. The country's strong performance in sectors like finance, logistics, and tourism has attracted foreign investment, leading to the development of new hotel properties and the expansion of existing ones. As Panama continues to position itself as a top tourist destination in Central America, the Hotels market is poised for continued growth and innovation.
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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