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Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Armenia, a country rich in history and culture, has been experiencing a notable growth in its Travel & Tourism market.
Customer preferences: Travelers in Armenia are increasingly seeking authentic and unique experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. This shift in preferences can be attributed to a growing desire for cultural immersion and a deeper connection with the local community.
Trends in the market: One prominent trend in the Armenian Travel & Tourism market is the rise of ecotourism. Travelers are showing a greater interest in exploring Armenia's diverse natural landscapes, from lush forests to picturesque mountains. This trend is driven by a global awareness of environmental conservation and a desire to engage in sustainable travel practices.
Local special circumstances: Armenia's rich cultural heritage and ancient landmarks play a significant role in attracting tourists to the country. The UNESCO World Heritage sites, such as Geghard Monastery and the Temple of Garni, draw history enthusiasts and architecture lovers from around the world. Additionally, Armenia's warm hospitality and delicious cuisine contribute to its appeal as a tourist destination.
Underlying macroeconomic factors: The growth of Armenia's Travel & Tourism market can also be attributed to favorable macroeconomic conditions. The government's efforts to promote the tourism sector through infrastructure development and marketing campaigns have helped raise the country's profile as a travel destination. Additionally, strategic partnerships with international travel agencies and airlines have facilitated easier access for foreign visitors, further boosting 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.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)