Key regions: Singapore, Indonesia, India, United States, Europe
The Hotels market in Bangladesh has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Bangladesh are increasingly looking for affordable yet comfortable accommodation options, driving the demand for budget hotels and guesthouses. Additionally, there is a growing trend among travelers to seek out unique and authentic experiences, leading to a rise in boutique hotels and eco-friendly accommodations in the country.
Trends in the market: One notable trend in the Bangladeshi Hotels market is the increasing use of technology to streamline booking processes and enhance customer experiences. Many hotels are investing in online booking platforms and mobile apps to cater to the tech-savvy consumer base. Moreover, there is a noticeable shift towards incorporating local cultural elements and designs into hotel offerings to attract both domestic and international guests.
Local special circumstances: Bangladesh's Hotels market is also influenced by the country's unique geographical features and cultural heritage. The presence of beautiful natural landscapes, such as the Sundarbans mangrove forest and Cox's Bazar beach, has led to a rise in eco-tourism and beachfront accommodations. Additionally, the rich history and vibrant cultural traditions of Bangladesh have inspired the development of heritage hotels that offer guests a glimpse into the country's past.
Underlying macroeconomic factors: The growth of the Hotels market in Bangladesh can be attributed to several macroeconomic factors, including the steady increase in domestic and international tourism. As the economy continues to expand, more people have disposable income to spend on travel and accommodation. Furthermore, government initiatives to promote the tourism sector and improve infrastructure have created a conducive environment for hotel development in the country.
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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