Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in Zambia is experiencing significant growth and development, driven by various factors influencing consumer behavior and market dynamics.
Customer preferences: Customers in Zambia are increasingly seeking unique and authentic experiences when choosing accommodation options. This has led to a rise in demand for boutique hotels and eco-friendly lodges that offer a more personalized and sustainable stay. Additionally, there is a growing preference for hotels that provide cultural immersion opportunities and showcase local traditions.
Trends in the market: One notable trend in the Zambian hotel market is the expansion of international hotel chains into the country. This trend is largely driven by the growth of tourism in Zambia, particularly in key regions such as Livingstone and Lusaka. The influx of international hotel brands not only caters to the preferences of foreign tourists but also raises the overall standard of accommodation options in the country.
Local special circumstances: Zambia's rich natural landscapes and diverse wildlife make it a popular destination for safari and eco-tourism. As a result, many hotels in Zambia are strategically located near national parks and nature reserves to attract nature enthusiasts and wildlife lovers. This proximity to natural attractions sets Zambian hotels apart from other markets and contributes to their unique appeal.
Underlying macroeconomic factors: The stable economic growth and increasing foreign investment in Zambia have positively impacted the hotel market. The country's improving infrastructure, including better road networks and upgraded airports, has made it more accessible to tourists, driving demand for accommodation services. Additionally, government initiatives to promote tourism and hospitality have further boosted the development of the hotel industry in Zambia.
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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