Key regions: Singapore, Indonesia, India, United States, Europe
The Hotels market in Saudi Arabia is experiencing significant growth and development.
Customer preferences: Travelers in Saudi Arabia are increasingly seeking unique and luxurious hotel experiences, leading to a rise in demand for high-end accommodations with top-notch amenities and services. Additionally, there is a growing interest in eco-friendly and sustainable hotel options among environmentally conscious consumers.
Trends in the market: One notable trend in the Saudi Arabian Hotels market is the increasing focus on technology integration to enhance the guest experience. From mobile check-ins to smart room features, hotels in the region are leveraging technology to streamline operations and provide personalized services. Moreover, the rise of online booking platforms has made it easier for travelers to compare prices and book accommodations, driving competition among hotels.
Local special circumstances: Saudi Arabia's Vision 2030 initiative, aimed at diversifying the economy and boosting tourism, has had a significant impact on the Hotels market. The government's efforts to promote tourism and improve infrastructure, along with the relaxation of visa regulations, have led to a surge in both domestic and international visitors. This influx of tourists has created opportunities for hoteliers to expand their offerings and cater to a more diverse customer base.
Underlying macroeconomic factors: The overall economic growth in Saudi Arabia, supported by initiatives to reduce dependence on oil revenue, has contributed to the expansion of the Hotels market. As disposable incomes rise and consumer spending increases, more individuals are inclined to travel and explore different destinations within the country. Additionally, government investments in tourism-related projects and events have bolstered the hospitality sector, attracting both leisure and business travelers to the region.
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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