Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in APAC continues to evolve and expand, driven by a variety of factors influencing consumer behavior and market dynamics.
Customer preferences: Travelers in APAC are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a growing interest in sustainable and eco-friendly travel options, with a focus on reducing carbon footprint and supporting local communities.
Trends in the market: In Japan, there is a rising trend of "slow tourism," where visitors immerse themselves in local culture and traditions, opting for longer stays in rural areas rather than quick city tours. South Korea is witnessing a surge in medical tourism, with travelers visiting the country for advanced healthcare services combined with leisure activities. In contrast, countries like Thailand and Indonesia are experiencing a boom in adventure tourism, attracting thrill-seekers looking for adrenaline-pumping experiences in natural settings.
Local special circumstances: The ongoing geopolitical tensions in the region, such as the territorial disputes in the South China Sea, have led to fluctuations in tourist arrivals in countries like Vietnam and the Philippines. Additionally, the emergence of budget airlines and online travel platforms has intensified competition among tour operators and accommodation providers in countries like Malaysia and Singapore, driving innovation and price competitiveness in the market.
Underlying macroeconomic factors: The rapid economic growth in countries like China and India has significantly boosted outbound travel from these markets, with a growing middle-class population with higher disposable incomes fueling the demand for international trips. On the other hand, economic downturns in countries like Australia and New Zealand have led to a shift towards domestic tourism, as residents opt for staycations and explore attractions within their own countries. Overall, the Travel & Tourism market in APAC is poised for further growth and diversification, driven by changing consumer preferences, evolving market trends, and underlying macroeconomic factors.
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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