Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
Over the past few years, the Hotels market in Southeast Asia has been experiencing significant growth and development.
Customer preferences: Customers in Southeast Asia are increasingly looking for unique and personalized experiences when choosing hotels. They are inclined towards properties that offer cultural immersion, eco-friendly practices, and authentic local cuisine. Additionally, the demand for high-quality amenities such as spa services, wellness facilities, and smart technology integration is on the rise.
Trends in the market: In Thailand, there is a growing trend of luxury hotels expanding their presence in popular tourist destinations like Bangkok and Phuket. These properties are focusing on providing top-notch services and exclusive experiences to attract affluent travelers. On the other hand, budget hotels are also thriving in countries like Vietnam, catering to cost-conscious tourists without compromising on quality and comfort.
Local special circumstances: Indonesia, with its diverse landscape and rich cultural heritage, presents a unique opportunity for hoteliers to offer a wide range of accommodation options. From luxury beach resorts in Bali to eco-friendly jungle lodges in Sumatra, the country's hospitality sector is adapting to meet the needs of different types of travelers. Moreover, the government's efforts to boost tourism infrastructure are further fueling the growth of the Hotels market in Indonesia.
Underlying macroeconomic factors: The overall economic growth in Southeast Asia, coupled with the increasing disposable income of the middle-class population, is driving the expansion of the Hotels market in the region. Countries like Malaysia and Singapore are witnessing a steady influx of business travelers, leading to a rise in demand for upscale business hotels with state-of-the-art facilities. Additionally, the growing popularity of online booking platforms is making it easier for both domestic and international tourists to explore a wide range of accommodation options in Southeast Asia.
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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