Travel & Tourism - Armenia | Statista Market Forecast

The Travel & Tourism market in Armenia is expected to witness a rise in revenue and reach US$266.60m by 2024, with an anticipated annual growth rate (CAGR 2024-2029) of 7.98%.
This growth trajectory is projected to result in a market volume of US$391.30m by 2029.
The largest market in this market is the Package Holidays, which is expected to witness a market volume of US$112.30m in 2024.
By 2029, it is expected that the number of users in hotels will amount to 828.70k users.
The user penetration rate is expected to increase from 32.5% in 2024 to 42.5% by 2029.
The average revenue per user (ARPU) is expected to amount to US$295.10.
Regarding the share of online sales, it is expected that 81% of the total revenue in the Travel & Tourism market in Armenia will be generated through online sales by 2029.
It is interesting to note that in global comparison, United States is expected to generate the most revenue in the Travel & Tourism market, with US$214bn in 2024.
Armenia's tourism industry is growing, as more international visitors are attracted to its rich cultural heritage and stunning landscapes.

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

For further information on the data displayed, refer to the info button right next to each box.

Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

Business trips
Other forms of trips (e.g. excursions, etc.)

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.