Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Romania is experiencing a notable increase in demand and development.
Customer preferences: Travelers in Romania are increasingly looking for unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Tourists are also showing a preference for hotels that offer wellness facilities and local cultural experiences.
Trends in the market: One significant trend in the Romanian hotel market is the growing popularity of digital booking platforms, which provide convenience and accessibility to customers. Additionally, there is a trend towards hotel chains expanding their presence in the country to cater to the rising number of international visitors.
Local special circumstances: Romania's rich cultural heritage and natural beauty are key drivers of the hotel market's growth. The country's diverse attractions, including medieval castles, picturesque landscapes, and vibrant cities, attract a wide range of tourists, contributing to the increasing demand for accommodation options.
Underlying macroeconomic factors: The improving economic conditions in Romania, along with the growth of the tourism industry, are significant macroeconomic factors driving the development of the hotel market. Rising disposable incomes and government initiatives to promote tourism further support the expansion of the hospitality sector in the country.
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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