Key regions: Singapore, Indonesia, India, United States, Europe
Over the past few years, the Hotels market in Colombia has experienced significant growth and development.
Customer preferences: Travelers in Colombia are increasingly looking for unique and authentic experiences, prompting a rise in demand for boutique and eco-friendly hotels. Tourists are also seeking accommodations that offer cultural immersion and opportunities to interact with local communities.
Trends in the market: One notable trend in the Colombian Hotels market is the increasing popularity of sustainable and eco-conscious practices. Many hotels are implementing green initiatives to attract environmentally conscious guests. Additionally, the rise of digital platforms has made it easier for travelers to book accommodations, leading to a more competitive market.
Local special circumstances: Colombia's diverse geography and rich cultural heritage make it a unique destination for travelers. The country's growing reputation as a safe and welcoming tourist destination has contributed to the expansion of the Hotels market. Additionally, the government's efforts to promote tourism have boosted the hospitality sector.
Underlying macroeconomic factors: The improving economic conditions in Colombia have led to a growing middle class with higher disposable incomes, driving domestic tourism. Additionally, the country's stability and peace agreements have increased foreign investment and tourism, further fueling the growth of the Hotels market.
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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