Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Spain has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Spain are increasingly seeking unique and personalized experiences when choosing accommodations. This has led to a rise in demand for boutique hotels and eco-friendly establishments. Travelers are also placing a greater emphasis on convenience and technology, driving hotels to offer seamless booking processes and digital amenities.
Trends in the market: One notable trend in the Spanish Hotels market is the increasing popularity of luxury and high-end hotels, particularly in major tourist destinations such as Barcelona, Madrid, and the Balearic Islands. These upscale properties cater to affluent travelers looking for exclusive services and amenities. Additionally, the growing trend of digital nomadism has led to a rise in extended-stay hotels and co-living spaces across the country.
Local special circumstances: Spain's diverse geography and rich cultural heritage make it a top tourist destination in Europe. The country attracts millions of visitors each year, creating a high demand for a wide range of accommodation options. From beachfront resorts to historic boutique hotels, Spain offers something for every type of traveler. The country's vibrant culinary scene and world-renowned festivals also contribute to its appeal as a tourist destination.
Underlying macroeconomic factors: The Hotels market in Spain is influenced by various macroeconomic factors, including the overall performance of the tourism industry, government policies, and global economic conditions. Spain's strong economic growth in recent years, coupled with increased international tourism, has positively impacted the hospitality sector. Additionally, government initiatives to promote sustainable tourism and infrastructure development have further boosted the Hotels market 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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