Key regions: Singapore, Indonesia, India, United States, Europe
The Hotels market in Canada has been experiencing significant growth and transformation in recent years.
Customer preferences: Customers in Canada are increasingly seeking unique and personalized experiences when choosing accommodations, leading to a rise in boutique hotels and eco-friendly options. The demand for technology integration, such as mobile check-ins and smart room features, is also shaping customer preferences in the Canadian hotel market.
Trends in the market: One prominent trend in the Canadian hotel market is the increasing popularity of luxury and upscale hotels, driven by the growing number of affluent travelers. Additionally, the rise of experiential travel has led to an increased demand for hotels that offer local cultural experiences and authentic cuisine. The emergence of lifestyle hotels catering to specific interests and demographics is also gaining traction in Canada.
Local special circumstances: Canada's diverse landscape and seasonal attractions play a significant role in shaping the hotel market. Popular tourist destinations such as Banff and Whistler experience peak seasons, driving demand for accommodation during specific times of the year. The country's strong focus on sustainability and environmental conservation has also influenced the development of eco-friendly hotels and green initiatives within the industry.
Underlying macroeconomic factors: The stable economic growth in Canada, coupled with low unemployment rates, has contributed to increased domestic travel and tourism expenditure. The country's welcoming immigration policies have resulted in a steady influx of international visitors, further boosting the demand for hotels across the country. Additionally, government initiatives to promote tourism and infrastructure development have supported the expansion and diversification of the hotel market in Canada.
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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