Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Australia's Travel & Tourism market is experiencing significant growth and development in recent years.
Customer preferences: Travelers in Australia are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions towards more off-the-beaten-path destinations. There is a growing demand for sustainable and eco-friendly travel options as awareness of environmental issues rises among consumers.
Trends in the market: One notable trend in the Australian Travel & Tourism market is the rise of domestic tourism. With international travel restrictions in place, more Australians are exploring their own backyard, leading to a boost in the domestic tourism sector. Additionally, there is a growing interest in adventure tourism and outdoor activities, with travelers looking to engage in activities such as hiking, surfing, and wildlife encounters.
Local special circumstances: Australia's unique geography and diverse ecosystems make it a prime destination for nature lovers and outdoor enthusiasts. The country's stunning landscapes, including the Great Barrier Reef, Uluru, and the Great Ocean Road, attract millions of visitors each year. The rich indigenous culture of Australia also plays a significant role in shaping the tourism industry, with many travelers seeking to learn more about the country's Aboriginal heritage.
Underlying macroeconomic factors: The strong Australian economy and stable political environment have contributed to the growth of the Travel & Tourism market in the country. Government initiatives to promote tourism, investments in infrastructure, and the development of new tourism products have also played a key role in driving the industry forward. Additionally, the depreciation of the Australian dollar has made the country a more affordable destination for international travelers, further boosting the tourism sector.
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)
