Key regions: Singapore, Indonesia, India, United States, Europe
The Hotels market in North America is a dynamic and evolving industry, shaped by various customer preferences, trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in North America are increasingly seeking unique and personalized experiences when choosing hotels. This has led to a rise in demand for boutique hotels, eco-friendly accommodations, and properties that offer local cultural immersion. Additionally, the convenience of online booking platforms and the emphasis on safety and cleanliness have become crucial factors influencing customer decisions.
Trends in the market: In the United States, there is a growing trend of hotel chains expanding their presence in urban areas to cater to business travelers and tourists alike. The rise of digital nomadism has also spurred an increase in extended-stay hotels with amenities tailored to remote workers. On the other hand, Canada has seen a surge in eco-tourism, leading to the development of sustainable and eco-conscious hotels in natural settings.
Local special circumstances: Mexico, as part of the North American region, benefits from its diverse landscape and rich cultural heritage, attracting a wide range of tourists. The country's all-inclusive resorts have been particularly popular among international travelers seeking a hassle-free vacation experience. Moreover, the presence of historical sites and vibrant culinary scenes has contributed to the growth of the luxury hotel segment in Mexico.
Underlying macroeconomic factors: The stability of the North American economy plays a significant role in the Hotels market. Economic growth, consumer confidence, and business travel trends directly impact the demand for accommodations. Fluctuations in exchange rates, government policies, and global events can also influence tourism flows and hotel occupancy rates across the region. Additionally, investments in infrastructure, transportation, and technology further shape the competitive landscape of the Hotels market in North America.
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)
