Key regions: Singapore, Indonesia, India, United States, Europe
Over the past decade, the Hotels market in Peru has experienced significant growth and development, positioning itself as a key player in the Latin American hospitality industry.
Customer preferences: Travelers in Peru are increasingly seeking unique and authentic experiences, driving the demand for boutique hotels and eco-friendly accommodations. This shift in consumer preferences has led to a rise in the number of boutique hotels and sustainable lodgings across the country, catering to the discerning tastes of modern tourists.
Trends in the market: One prominent trend in the Peruvian Hotels market is the growing popularity of experiential travel, where visitors immerse themselves in the local culture and environment. This has resulted in a rise in demand for hotels that offer cultural activities, culinary experiences, and opportunities for eco-tourism. Additionally, the rise of digital platforms and online booking systems has made it easier for travelers to discover and book accommodations, contributing to the overall growth of the market.
Local special circumstances: Peru's diverse geography and rich cultural heritage make it a unique destination for travelers, attracting a wide range of visitors from around the world. The country's booming tourism industry, fueled by attractions such as Machu Picchu, the Amazon rainforest, and vibrant cities like Lima and Cusco, has created a favorable environment for the Hotels market to thrive. Additionally, Peru's government has been actively promoting tourism and investing in infrastructure, further boosting the growth of the hospitality sector.
Underlying macroeconomic factors: The stable economic growth and increasing disposable income in Peru have played a crucial role in driving the expansion of the Hotels market. As more Peruvians enter the middle class and more international tourists visit the country, there is a growing demand for quality accommodations and hospitality services. Moreover, the government's efforts to improve air connectivity and promote tourism have enhanced Peru's attractiveness as a travel destination, leading to a positive outlook for the Hotels market in the years to come.
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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