Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Turkey has been experiencing significant growth and development in recent years.
Customer preferences: Tourists and travelers in Turkey are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and accommodations that offer a more personalized touch. Additionally, there is a growing preference for eco-friendly and sustainable hotels among environmentally conscious consumers.
Trends in the market: One noticeable trend in the Turkish Hotels market is the increasing use of technology to enhance the guest experience. Hotels are investing in smart room features, mobile check-in options, and personalized recommendations based on guest preferences. Moreover, the rise of online booking platforms has made it easier for travelers to compare prices and book accommodations, driving competition among hotels.
Local special circumstances: Turkey's unique geographical location bridging Europe and Asia makes it a popular tourist destination, attracting visitors from various parts of the world. The country's rich history, diverse culture, and stunning landscapes contribute to its appeal as a travel destination. This has led to a diverse range of hotel offerings, from luxury resorts along the coast to charming boutique hotels in historical cities.
Underlying macroeconomic factors: The growth of the Hotels market in Turkey can also be attributed to the overall growth of the tourism industry in the country. Government initiatives to promote tourism, investments in infrastructure, and a relatively stable political environment have all contributed to the increasing number of tourists visiting Turkey. Additionally, the depreciation of the Turkish lira has made the country more affordable for international travelers, further boosting the demand for hotel accommodations.
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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