Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
Over the past few years, the Hotels market in Taiwan has experienced significant growth and development.
Customer preferences: Travelers in Taiwan are increasingly looking for unique and personalized experiences when choosing their accommodations. They prefer hotels that offer local cultural elements, eco-friendly practices, and convenient access to transportation and tourist attractions.
Trends in the market: One notable trend in the Hotels market in Taiwan is the rise of boutique hotels and homestays. These smaller and more intimate accommodations cater to the growing demand for authentic and immersive travel experiences. Additionally, there has been a noticeable increase in the use of technology in hotels, with many establishments adopting smart room features and digital check-in processes to enhance guest convenience.
Local special circumstances: Taiwan's unique blend of traditional culture and modern innovation has influenced the development of its Hotels market. The island's rich history, diverse culinary scene, and stunning natural landscapes attract a wide range of domestic and international tourists, driving the demand for various types of accommodations.
Underlying macroeconomic factors: The strong economic growth in Taiwan, coupled with government initiatives to promote tourism, has contributed to the expansion of the Hotels market. Additionally, the increasing affluence of the middle class and the rise of independent travelers have fueled the demand for high-quality lodging options across 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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