Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Europe has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Europe are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. They are also showing a preference for sustainable and eco-friendly travel options, supporting local communities and reducing their carbon footprint.
Trends in the market: In countries like Italy, Spain, and France, cultural tourism is on the rise, with travelers eager to explore historical sites, museums, and art galleries. Adventure tourism, such as hiking in the Alps or cycling along scenic routes, is gaining popularity in countries like Switzerland and Austria. Additionally, the growing trend of food and wine tourism is attracting visitors to regions known for their gastronomic delights, such as France and Italy.
Local special circumstances: Countries like Greece and Croatia are experiencing a surge in tourism due to their stunning coastlines and picturesque islands. The Balkan countries, including Slovenia and Montenegro, are emerging as hidden gems for travelers looking for unspoiled natural beauty and rich cultural heritage. Eastern European countries like Poland and Hungary are becoming increasingly popular for city breaks, offering a mix of history, architecture, and vibrant nightlife.
Underlying macroeconomic factors: The overall economic stability and growth in Europe have contributed to the positive performance of the Travel & Tourism market. Factors such as low unemployment rates, rising disposable incomes, and improved infrastructure have made travel more accessible to a wider range of consumers. Additionally, the European Union's focus on promoting tourism through initiatives and funding has further boosted the industry across the region.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.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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