Key regions: Singapore, Indonesia, India, United States, Europe
The Hotels market in Oman is experiencing a steady growth trajectory driven by various factors.
Customer preferences: Travelers in Oman are increasingly looking for unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Visitors are also seeking personalized services and amenities that cater to their specific needs and preferences.
Trends in the market: One noticeable trend in the Omani Hotels market is the expansion of luxury hotel chains and international brands in key tourist destinations. This trend is fueled by the growing number of tourists visiting Oman and the government's efforts to promote tourism in the region. Additionally, there is a shift towards experiential travel, with hotels offering cultural activities, local cuisine, and immersive experiences to attract guests.
Local special circumstances: Oman's unique cultural heritage and natural landscapes play a significant role in shaping the Hotels market in the country. Many hotels in Oman are designed to blend seamlessly with the surrounding environment, offering guests a chance to experience the local culture and traditions. The government's focus on sustainable tourism practices also influences the development of hotels in Oman, with an emphasis on eco-friendly initiatives and conservation efforts.
Underlying macroeconomic factors: The economic stability and investment-friendly policies in Oman have attracted foreign investors to the Hotels market, leading to increased competition and innovation in the industry. The country's strategic location and improving infrastructure have also contributed to the growth of tourism, driving demand for quality accommodation options. Additionally, the rising disposable income and changing consumer preferences in Oman have created opportunities for hoteliers to diversify their offerings and attract a wider range of guests.
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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