Key regions: Singapore, Indonesia, India, United States, Europe
The Hotels market in Israel has been experiencing significant growth and development in recent years.
Customer preferences: Tourists visiting Israel are increasingly looking for unique and authentic experiences, driving the demand for boutique hotels and accommodations that offer a more personalized touch. Many travelers are also seeking eco-friendly and sustainable options, leading to the rise of environmentally conscious hotels in the market.
Trends in the market: One of the notable trends in the Hotels market in Israel is the increasing popularity of luxury hotels, especially in major cities and tourist destinations. These luxury hotels often cater to high-end clientele looking for top-notch services and amenities. Additionally, there is a growing trend of hotel chains expanding their presence in the country, offering a variety of options for different types of travelers.
Local special circumstances: Israel's unique geographical location and rich history make it a popular destination for tourists from around the world. The country's diverse attractions, including religious sites, cultural landmarks, and natural beauty, contribute to the growing demand for accommodations. Additionally, Israel's strong focus on innovation and technology has led to the emergence of smart hotels that incorporate cutting-edge features to enhance the guest experience.
Underlying macroeconomic factors: The overall growth of the tourism industry in Israel, supported by government initiatives and investments in infrastructure, has had a positive impact on the Hotels market. The country's stable economy and increasing disposable income among both domestic and international travelers have also contributed to the expansion of the market. Furthermore, Israel's strategic location as a bridge between Europe, Asia, and Africa makes it a convenient hub for travelers, further driving the demand for hotel accommodations.
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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