Hotels - Portugal | Statista Market Forecast

The Hotels market in Portugal is predicted to witness an upward trend with respect to revenue, with an estimated value of US$1.07bn in 2024.
The expected annual growth rate (CAGR 2024-2029) is 3.31%, leading to a projected market volume of US$1.26bn by 2029.
Additionally, the number of users in this market is expected to rise to 4.46m users by 2029.
The user penetration in 2024 is predicted to be 37.5%, which is estimated to increase to 44.2% by 2029.
The average revenue per user (ARPU) is anticipated to be US$279.00.
Moreover, it is estimated that online sales will contribute to 83% of the total revenue in this market by 2029.
Lastly, in a global comparison, United States is expected to generate the most revenue in the Hotels market with a projected revenue of US$111bn in 2024.
Portuguese hotels are increasingly focusing on sustainable tourism practices to appeal to eco-conscious 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)

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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