Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
Over the past few years, the Hotels market in Uruguay has experienced significant growth and development, driven by various factors shaping the industry landscape in the country.
Customer preferences: Travelers in Uruguay are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Tourists are looking for personalized services and immersive stays that allow them to connect with the local culture and environment.
Trends in the market: One notable trend in the Hotels market in Uruguay is the growing popularity of luxury resorts and wellness retreats, catering to high-end travelers looking for upscale amenities and relaxation options. Additionally, the rise of digital platforms and online booking services has made it easier for tourists to discover and book accommodations, contributing to the overall growth of the market.
Local special circumstances: Uruguay's reputation as a safe and stable country in South America has attracted a growing number of international tourists, boosting the demand for quality hotel accommodations across the country. The government's efforts to promote tourism and invest in infrastructure have also played a key role in driving the expansion of the Hotels market.
Underlying macroeconomic factors: The stable economic environment and increasing disposable income levels in Uruguay have resulted in a higher propensity for domestic travel and tourism activities. As a result, the Hotels market has benefited from a growing number of local tourists, in addition to international visitors, contributing to the overall growth and diversification of the industry.
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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