Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in China has been experiencing significant growth and development in recent years.
Customer preferences: Chinese consumers are increasingly valuing unique and personalized experiences when choosing hotels. They are looking for accommodations that offer cultural authenticity, local immersion, and innovative amenities to enhance their stay.
Trends in the market: One notable trend in the Chinese Hotels market is the rise of boutique and lifestyle hotels. These properties cater to the growing demand for niche accommodation options that provide a more intimate and curated experience for guests. Additionally, there is a noticeable shift towards eco-friendly and sustainable practices in the industry, with more hotels implementing green initiatives to appeal to environmentally conscious travelers.
Local special circumstances: China's vast and diverse landscape presents unique opportunities for the Hotels market. From bustling metropolises to serene countryside retreats, hoteliers have the chance to cater to a wide range of preferences and travel purposes. The country's rich cultural heritage also allows for themed hotels that showcase traditional architecture, cuisine, and art, providing guests with a deeper understanding of Chinese culture.
Underlying macroeconomic factors: The rapid urbanization and expanding middle class in China have contributed to the growth of the Hotels market. As more Chinese households have disposable income for travel and leisure activities, the demand for quality accommodations has surged. Additionally, government initiatives to promote tourism and infrastructure development have further bolstered the hospitality industry in the country.
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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