Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Austria, known for its stunning Alpine scenery and rich cultural heritage, has seen a steady growth in its Travel & Tourism market in recent years.
Customer preferences: Travelers in Austria are increasingly seeking authentic and immersive experiences, opting for sustainable and eco-friendly travel options. They are drawn to the country's picturesque landscapes, historic cities, and renowned culinary scene. Additionally, there is a growing interest in wellness tourism, with visitors looking to relax in Austria's famous spas and wellness resorts.
Trends in the market: One notable trend in the Austrian Travel & Tourism market is the rise of experiential travel, where visitors are actively participating in local traditions and activities. This trend is reflected in the popularity of homestays, farm stays, and cultural tours. Moreover, there has been an increase in adventure tourism, with travelers exploring the country's outdoor activities such as hiking, skiing, and cycling.
Local special circumstances: Austria's strategic location in the heart of Europe makes it a gateway to other European destinations, attracting both leisure and business travelers. The country's well-developed infrastructure, including efficient public transportation and high-quality accommodation options, further enhances its appeal to tourists. Additionally, Austria's commitment to preserving its natural environment and cultural heritage contributes to its overall attractiveness as a travel destination.
Underlying macroeconomic factors: The stable political environment and strong economy in Austria have provided a conducive setting for the growth of the Travel & Tourism sector. Favorable government policies, investments in tourism infrastructure, and effective marketing strategies have all played a role in driving the industry forward. Furthermore, the country's participation in the Schengen Area has facilitated seamless travel within Europe, making it easier for tourists to visit Austria as part of a broader European itinerary.
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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