Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Belgium, known for its medieval towns, Renaissance architecture, and delicious chocolates, has seen a steady growth in its Travel & Tourism market in recent years.
Customer preferences: Travelers in Belgium are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions to explore off-the-beaten-path destinations. There is a rising demand for sustainable and eco-friendly tourism options, with travelers showing a preference for accommodations and activities that prioritize environmental conservation and support local communities.
Trends in the market: One notable trend in the Belgian Travel & Tourism market is the growing popularity of gastronomic tourism. Belgium's rich culinary heritage, including its famous waffles, chocolates, and beers, has attracted food enthusiasts from around the world. Additionally, the country's vibrant art scene, with renowned artists like Rene Magritte and Pieter Bruegel, has contributed to a rise in cultural tourism.
Local special circumstances: Belgium's central location in Europe makes it a convenient hub for travelers exploring the continent. The country's efficient transportation network, including high-speed trains and well-maintained roads, makes it easy for tourists to move between cities and neighboring countries. Furthermore, Belgium's multilingual population and diverse cultural influences add to its appeal as a melting pot of European heritage.
Underlying macroeconomic factors: The stable political environment and strong economy in Belgium have supported the growth of the Travel & Tourism sector. Increasing disposable incomes and a growing middle class have led to a rise in domestic tourism, while the country's strategic investments in infrastructure and promotion of tourism have attracted international visitors. Additionally, Belgium's participation in the Schengen Area has facilitated seamless travel within Europe, 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.
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