Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Albania, a country known for its stunning landscapes and rich history, has been experiencing significant growth in its Travel & Tourism market.
Customer preferences: Travelers in Albania are increasingly seeking authentic and immersive experiences, driving the demand for cultural and adventure tourism. Tourists are drawn to the country's UNESCO World Heritage sites, pristine beaches, and vibrant local culture. Additionally, there is a growing interest in eco-friendly and sustainable travel options among visitors.
Trends in the market: One notable trend in the Albanian Travel & Tourism market is the rise of digital platforms and online booking services, making it easier for travelers to plan their trips and discover hidden gems in the country. The emergence of boutique hotels, homestays, and unique accommodations is also reshaping the hospitality sector in Albania, catering to the diverse preferences of modern tourists.
Local special circumstances: Albania's strategic location in the Balkans, with easy access to both the Adriatic and Ionian Seas, has positioned the country as a desirable destination for both leisure and business travelers. The government's efforts to improve infrastructure, promote sustainable tourism practices, and enhance safety and security measures have further boosted the country's appeal among international visitors.
Underlying macroeconomic factors: The steady economic growth in Albania, coupled with increasing disposable incomes among the local population, has fueled domestic tourism and encouraged investments in the Travel & Tourism sector. The country's visa liberalization policies and efforts to promote air connectivity have also contributed to the growth of international arrivals, supporting the overall expansion of the market.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
