Key regions: Singapore, Indonesia, India, United States, Europe
Guatemala, known for its stunning landscapes and rich cultural heritage, has seen significant developments in its Hotels market.
Customer preferences: Travelers in Guatemala are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Tourists are also placing a high value on personalized services and locally sourced amenities, reflecting a global trend towards sustainable and experiential travel.
Trends in the market: One notable trend in the Guatemalan Hotels market is the growing popularity of wellness retreats and spa resorts, catering to visitors looking to relax and rejuvenate in natural surroundings. Additionally, the emergence of digital nomads has fueled the demand for co-working spaces within hotels, blending work and leisure for a new generation of travelers.
Local special circumstances: Guatemala's diverse geography, including lush rainforests, ancient ruins, and picturesque beaches, presents a unique opportunity for hotels to offer specialized experiences such as adventure tourism, cultural immersion, and wellness retreats. The country's rich Mayan heritage also provides a distinctive selling point for hotels looking to showcase local traditions and craftsmanship.
Underlying macroeconomic factors: The steady growth of Guatemala's economy, coupled with government initiatives to promote tourism, has contributed to a positive outlook for the Hotels market. Increasing foreign investment in the hospitality sector and improvements in infrastructure are further driving expansion and attracting a wider range of international visitors to explore all that Guatemala has to offer.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
