Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
Vietnam's Hotels market is experiencing a significant growth trajectory, driven by various factors that cater to the evolving needs of both domestic and international travelers.
Customer preferences: Travelers in Vietnam are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. This shift in preferences is pushing hotels to innovate and offer personalized services to cater to the discerning tastes of modern travelers.
Trends in the market: One notable trend in the Vietnamese Hotels market is the increasing popularity of luxury resorts in coastal areas such as Da Nang and Nha Trang. These destinations are attracting a growing number of high-end tourists looking for upscale accommodations with stunning beachfront views. Additionally, the rise of digital platforms and online booking services is streamlining the reservation process, making it easier for travelers to find and book accommodations that suit their preferences.
Local special circumstances: Vietnam's unique blend of rich cultural heritage and natural beauty is a key driver in the Hotels market. The country's diverse landscapes, ranging from bustling cities to serene countryside, offer a wide range of experiences for travelers. This diversity has led to the development of various hotel types, from urban luxury hotels to eco-resorts nestled in the lush mountains.
Underlying macroeconomic factors: The steady economic growth in Vietnam, coupled with a rising middle-class population, is fueling domestic travel and contributing to the growth of the Hotels market. Additionally, the government's efforts to promote tourism and improve infrastructure are attracting more international visitors to the country, further boosting the demand for hotel accommodations. As Vietnam continues to position itself as a top tourist destination in Southeast Asia, the Hotels market is poised for continued expansion and development.
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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