Key regions: Singapore, Indonesia, India, United States, Europe
Latvia's Hotels market has been experiencing a steady growth in recent years, reflecting the country's increasing popularity as a tourist destination.
Customer preferences: Tourists in Latvia are showing a growing interest in unique and authentic accommodation experiences, such as boutique hotels and eco-friendly lodgings. They are also seeking personalized services and amenities that cater to their individual needs and preferences.
Trends in the market: One notable trend in Latvia's Hotels market is the rise of wellness tourism, with many hotels now offering spa facilities, yoga classes, and healthy dining options to attract health-conscious travelers. Additionally, there is a growing demand for digital nomad-friendly accommodations with co-working spaces and high-speed internet access.
Local special circumstances: Latvia's rich cultural heritage and natural beauty are major attractions for tourists, driving the demand for hotels in both urban centers like Riga and rural areas like the Latvian countryside. The country's relatively affordable prices compared to other European destinations also make it an appealing choice for budget-conscious travelers.
Underlying macroeconomic factors: The growth of Latvia's Hotels market is closely tied to the overall strength of the country's economy and its tourism industry. As Latvia continues to invest in infrastructure development and promote its tourism sector, the Hotels market is expected to further expand to meet the needs of a growing number of visitors.
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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