Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in ASEAN is experiencing significant growth and development, driven by various factors influencing consumer behavior and market dynamics.
Customer preferences: Travelers in ASEAN countries are increasingly seeking unique and authentic experiences, leading to a rise in demand for cultural and eco-tourism activities. Tourists are looking to immerse themselves in the local culture, cuisine, and traditions, moving away from traditional mass tourism offerings. Additionally, there is a growing preference for sustainable and responsible travel practices, with tourists showing interest in supporting local communities and preserving the environment.
Trends in the market: In Thailand, the rise of medical tourism is a prominent trend, with the country becoming a hub for medical procedures and wellness retreats. This trend is driven by the country's advanced healthcare facilities, skilled medical professionals, and competitive pricing compared to Western countries. As a result, Thailand is attracting a significant number of international patients seeking medical treatments combined with leisure activities.
Local special circumstances: Indonesia, with its diverse archipelago and rich cultural heritage, is experiencing a surge in adventure tourism. Travelers are drawn to the country's vast natural landscapes, including volcanoes, jungles, and pristine beaches, offering opportunities for activities such as hiking, surfing, and diving. The government's focus on infrastructure development in remote areas is further boosting the growth of adventure tourism in Indonesia.
Underlying macroeconomic factors: The strong economic growth in ASEAN countries, coupled with increasing disposable incomes among the middle class, is fueling the expansion of the Travel & Tourism market. As more people have the financial means to travel, there is a growing domestic and international tourism demand within the region. Additionally, government initiatives to promote tourism, such as visa facilitation and infrastructure investments, are contributing to the overall growth of the sector in ASEAN.
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)
