Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Togo is experiencing a significant growth trajectory driven by various factors.
Customer preferences: Travelers in Togo are increasingly seeking unique and authentic experiences during their hotel stays, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Customers are also placing a high value on personalized services and amenities that cater to their individual needs and preferences.
Trends in the market: One notable trend in the Togolese Hotels market is the growing popularity of luxury resorts along the country's picturesque coastline, attracting both domestic and international tourists. Additionally, there is a noticeable shift towards digital booking platforms and online reviews influencing customers' hotel choices. The emergence of budget-friendly hotel options is also gaining traction among cost-conscious travelers.
Local special circumstances: Togo's strategic location as a gateway to West Africa, coupled with its rich cultural heritage and diverse natural landscapes, has positioned the country as a burgeoning tourist destination. The government's efforts to promote tourism through infrastructure development and marketing campaigns have further fueled the growth of the Hotels market in Togo.
Underlying macroeconomic factors: The stable economic environment in Togo, supported by ongoing reforms to improve the business climate, has attracted investments in the hospitality sector. Additionally, the country's increasing connectivity through upgraded transportation networks and international flights has facilitated easier access for tourists, contributing to the expansion of the Hotels market.
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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