Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Tanzania is experiencing significant growth and development, driven by various factors influencing consumer behavior and market dynamics.
Customer preferences: Travelers in Tanzania are increasingly looking for unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Tourists are also seeking hotels that offer cultural immersion and local interactions, shifting away from traditional chain hotels.
Trends in the market: One notable trend in the Tanzanian Hotels market is the expansion of international hotel chains into the region, catering to the growing number of business travelers and tourists. This trend is not only elevating the standard of accommodation options but also increasing competition among local hoteliers to enhance their offerings and services.
Local special circumstances: Tanzania's diverse natural landscapes, including national parks, beaches, and historical sites, play a significant role in shaping the Hotels market. Hotels located near popular tourist attractions or wildlife reserves tend to experience higher demand, while those in remote areas may struggle to attract guests. Additionally, the country's political stability and infrastructure development contribute to the overall growth of the market.
Underlying macroeconomic factors: The steady economic growth in Tanzania, coupled with government initiatives to promote tourism and foreign investment, has positively impacted the Hotels market. The increasing disposable income among Tanzanians has also boosted domestic tourism, creating opportunities for hotel businesses to cater to a local clientele in addition to international visitors.
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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