Key regions: Singapore, Indonesia, India, United States, Europe
The Hotels market in Ireland has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Ireland are increasingly looking for unique and authentic experiences when choosing accommodations, leading to a rise in demand for boutique hotels and eco-friendly options. The emphasis on personalized services and locally sourced amenities has become a key factor influencing customer choices in the hotel market.
Trends in the market: One prominent trend in the Irish hotel market is the increasing focus on sustainability and green initiatives. Many hotels are implementing eco-friendly practices to appeal to environmentally conscious travelers. Additionally, there has been a growing trend towards experiential travel, with hotels offering activities and packages that allow guests to immerse themselves in the local culture and traditions.
Local special circumstances: Ireland's tourism industry plays a significant role in driving the growth of the hotel market. The country's stunning landscapes, rich history, and vibrant culture attract millions of visitors each year, creating a high demand for accommodations. The unique charm of Irish hospitality, known for its warmth and friendliness, also contributes to the popularity of hotels in the region.
Underlying macroeconomic factors: The strong performance of the Irish economy in recent years has positively impacted the Hotels market. With increasing disposable incomes and a growing middle class, more people have the financial means to travel and stay in hotels. Additionally, government initiatives to promote tourism and investment in infrastructure have further boosted the hospitality sector in Ireland.
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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