Key regions: Singapore, Indonesia, India, United States, Europe
The Hotels market in Sri Lanka has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Sri Lanka are increasingly seeking unique and authentic experiences, driving demand for boutique hotels and eco-friendly accommodations. Tourists are also showing a preference for hotels that offer local cultural experiences and opportunities for community engagement.
Trends in the market: One notable trend in the Sri Lankan Hotels market is the rise of wellness tourism, with an increasing number of hotels offering spa services, yoga retreats, and healthy dining options to cater to health-conscious travelers. Another trend is the growing popularity of luxury hotels and resorts, especially in coastal areas, as Sri Lanka's tourism industry continues to expand.
Local special circumstances: Sri Lanka's Hotels market is influenced by its rich cultural heritage and diverse natural landscapes, attracting a wide range of tourists from around the world. The country's strategic location along major shipping routes and its growing reputation as a tourist destination have also contributed to the development of its hotel industry.
Underlying macroeconomic factors: The growth of Sri Lanka's Hotels market can be attributed to the government's efforts to promote tourism as a key driver of economic development. Infrastructure development, investment incentives, and marketing campaigns aimed at attracting foreign visitors have all played a role in boosting the hospitality sector in the country. Additionally, the overall stability and growth of the Sri Lankan economy have provided a conducive environment for the expansion of the Hotels market.
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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