Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in South America is experiencing a significant growth trajectory driven by various factors influencing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Travelers in South America are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Customers are also placing a strong emphasis on convenience and personalized services, prompting hotels to invest in technology to enhance the guest experience.
Trends in the market: In Brazil, the largest country in South America, there is a growing trend towards luxury resorts and all-inclusive hotels, catering to both domestic and international tourists seeking upscale amenities and leisure activities. Argentina, known for its vibrant culture and natural beauty, is witnessing a surge in boutique hotels and heritage properties that reflect the country's rich heritage.
Local special circumstances: Countries like Peru and Chile are capitalizing on their diverse landscapes and historical attractions to attract tourists, leading to a rise in demand for hotels in remote locations such as the Andes Mountains and the Atacama Desert. In Colombia, the government's efforts to promote tourism have resulted in an influx of international visitors, fueling the development of new hotels in cities like Cartagena and Bogota.
Underlying macroeconomic factors: The overall economic stability and increasing disposable income in South America are contributing to the growth of the Hotels market, as more people are able to afford travel and accommodation. Additionally, government initiatives to boost tourism, such as visa relaxation policies and infrastructure development, are creating a favorable environment for hotel investments and expansion across the region.
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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