Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Southern Europe is experiencing a shift in customer preferences, trends, and local special circumstances that are shaping its development.
Customer preferences: Travelers in Southern Europe are increasingly seeking unique and authentic experiences when choosing their accommodations. This has led to a rise in demand for boutique hotels, eco-friendly properties, and culturally immersive stays. Additionally, there is a growing preference for hotels that offer personalized services and cater to the individual needs of guests.
Trends in the market: In Spain, the Hotels market is seeing a trend towards sustainable practices and eco-friendly initiatives. Many hotels are implementing green technologies, reducing their carbon footprint, and promoting responsible tourism. This aligns with the global movement towards environmental conservation and is attracting environmentally conscious travelers to the region.
Local special circumstances: Italy, known for its rich history and cultural heritage, is witnessing a trend where hotels are refurbishing historic buildings and palaces to offer luxury accommodation options. This unique selling point appeals to tourists looking to immerse themselves in the country's artistic and architectural wonders. The blend of tradition and modernity in these hotels creates a distinct experience for guests.
Underlying macroeconomic factors: Portugal's Hotels market is benefitting from the country's stability and economic growth. With an increase in tourism and foreign investment, there is a growing demand for high-end hotels and luxury resorts in popular destinations like Lisbon and the Algarve region. The stable political environment and infrastructure development further support the expansion of the Hotels market 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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