Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Southern Asia is experiencing a surge in demand driven by various factors.
Customer preferences: Customers in Southern Asia are increasingly looking for unique and personalized experiences when choosing hotels. They prioritize accommodations that offer cultural immersion, eco-friendly practices, and authentic local cuisine. This shift in preferences has led to a rise in boutique hotels and eco-resorts in the region.
Trends in the market: In India, there is a growing trend of heritage hotels that are converted from palaces, forts, and mansions. These properties offer guests a glimpse into the country's rich history and royal past. Additionally, the rise of budget hotels and hostels caters to the younger generation of travelers looking for affordable yet trendy accommodations.
Local special circumstances: Sri Lanka has seen a boost in its Hotels market due to the country's efforts in promoting tourism post-civil war. The pristine beaches, lush tea plantations, and rich cultural heritage have attracted a growing number of international tourists. This has led to an increase in luxury resorts and wellness retreats to cater to the influx of visitors seeking relaxation and rejuvenation.
Underlying macroeconomic factors: The economic growth and stability in countries like Maldives have contributed to the expansion of the Hotels market. The country's natural beauty and world-class diving sites have made it a popular destination for luxury travelers. As a result, there has been a rise in high-end resorts and overwater villas to accommodate the luxury segment of the market. Additionally, government initiatives to boost tourism and infrastructure development have further fueled the growth of the Hotels market in Southern 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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