Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
Portugal's Hotels market has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Portugal are increasingly seeking unique and authentic experiences during their stays, driving the demand for boutique hotels and eco-friendly accommodations. Tourists are also showing a preference for hotels that offer personalized services and local cultural immersion opportunities.
Trends in the market: One prominent trend in the Hotels market in Portugal is the rise of digital platforms and online booking systems, making it easier for tourists to find and reserve accommodations. Additionally, there is a growing trend towards sustainable practices in the hospitality industry, with many hotels in Portugal implementing green initiatives to attract environmentally conscious travelers.
Local special circumstances: Portugal's rich history, stunning landscapes, and vibrant culture make it a popular tourist destination, attracting visitors from around the world. The country's strategic location on the Iberian Peninsula, beautiful beaches, and warm climate contribute to its appeal as a year-round travel destination.
Underlying macroeconomic factors: The Hotels market in Portugal is also influenced by macroeconomic factors such as foreign investment, government policies, and overall economic stability. The government's efforts to promote tourism through marketing campaigns and infrastructure development have positively impacted the hospitality industry in the country. Additionally, fluctuations in exchange rates and global economic conditions can impact tourist arrivals and hotel occupancy rates in Portugal.
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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