Key regions: Singapore, Indonesia, India, United States, Europe
Mongolia, known for its vast landscapes and nomadic culture, has seen a notable development in its Hotels market.
Customer preferences: Travelers in Mongolia are increasingly seeking unique and authentic experiences, driving the demand for boutique hotels and eco-friendly accommodations. Tourists are drawn to hotels that offer a glimpse into the local culture and traditions, leading to a rise in the popularity of traditional ger camps and yurts.
Trends in the market: One prominent trend in the Mongolian Hotels market is the growing focus on sustainable practices and eco-tourism. Hotels are incorporating environmentally friendly initiatives such as solar power, water conservation measures, and locally sourced materials to appeal to environmentally conscious travelers. Additionally, the rise of digital nomadism has created a demand for hotels with co-working spaces and reliable high-speed internet.
Local special circumstances: The unique geography and climate of Mongolia present special circumstances for the Hotels market. The country's harsh winters and vast distances between destinations require hotels to provide exceptional comfort and amenities to attract visitors. Additionally, the rich cultural heritage of Mongolia offers hotels the opportunity to differentiate themselves by incorporating traditional design elements and offering cultural experiences to guests.
Underlying macroeconomic factors: The growth of the Hotels market in Mongolia is also influenced by macroeconomic factors such as government initiatives to promote tourism, infrastructure development, and foreign investment. The increasing connectivity through improved transportation networks and international flights has made Mongolia more accessible to tourists, contributing to the expansion of the Hotels market. Moreover, the country's stable economic growth and rising disposable incomes have led to a higher demand for quality accommodation options among both domestic and international travelers.
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)
