Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Ukraine has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Ukraine are increasingly looking for unique and authentic experiences when choosing accommodation options. They are drawn to hotels that offer a blend of modern amenities and traditional charm. Additionally, there is a growing demand for eco-friendly and sustainable practices in the hospitality industry.
Trends in the market: One notable trend in the Ukrainian Hotels market is the rise of boutique hotels and guesthouses. These smaller, independent establishments cater to the preferences of travelers seeking personalized services and a more intimate atmosphere. Another trend is the increasing use of technology in hotels, with many establishments implementing online booking systems and digital check-in processes to enhance customer convenience.
Local special circumstances: The ongoing political and economic situation in Ukraine has had an impact on the Hotels market. Despite challenges, the country has seen a steady increase in international tourism, particularly in cities like Kyiv and Lviv. This has led to a growing number of hotel developments to accommodate the influx of visitors.
Underlying macroeconomic factors: The growth of the Hotels market in Ukraine can be attributed to several macroeconomic factors. The country's improving infrastructure, including new transportation links and renovated historical sites, has made it more accessible to tourists. Additionally, government initiatives to promote tourism and foreign investment have helped boost the hospitality sector. Overall, the combination of evolving customer preferences, market trends, local circumstances, and macroeconomic factors has contributed to the positive trajectory of the Hotels market in Ukraine.
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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