Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Israel's Travel & Tourism market is experiencing a significant growth in recent years, attracting a diverse range of travelers from around the world.
Customer preferences: Travelers in Israel are increasingly seeking unique and authentic experiences, such as exploring historical sites, religious landmarks, and cultural attractions. Many visitors are also drawn to the country's renowned culinary scene, vibrant nightlife, and picturesque beaches along the Mediterranean Sea.
Trends in the market: One notable trend in Israel's Travel & Tourism market is the growing popularity of adventure tourism, with activities such as hiking, desert tours, and water sports gaining traction among travelers. Additionally, there is a rising demand for sustainable and eco-friendly travel options, reflecting a global shift towards responsible tourism practices.
Local special circumstances: Israel's unique geopolitical position in the Middle East plays a significant role in shaping its Travel & Tourism market. The country's rich history and religious significance attract pilgrims and history enthusiasts, while its modern cities like Tel Aviv appeal to those seeking a cosmopolitan experience. The diverse landscape, ranging from the Dead Sea to the Negev Desert, offers a variety of attractions for nature lovers and outdoor enthusiasts.
Underlying macroeconomic factors: The stability of Israel's economy and ongoing investment in infrastructure development have contributed to the growth of the Travel & Tourism sector. Government initiatives to promote tourism, such as visa facilitation and marketing campaigns, have also played a key role in attracting visitors to the country. Additionally, Israel's strong technology sector and innovative startups have positioned it as a hub for business travelers and digital nomads, further driving growth in the tourism industry.
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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