Travel & Tourism - Belgium | Statista Market Forecast

Belgium's Travel & Tourism market is expected to witness steady growth in the coming years.
By 2024, the market is projected to generate revenue of US$8.71bn, and this is expected to grow at an annual rate of 1.96% (CAGR 2024-2029) resulting in a projected market volume of US$9.60bn by 2029.
The Hotels market is the largest market in this market, accounting for a projected market volume of US$3.85bn by 2024.
It is expected that the number of users in this market will amount to 7.82m users by 2029.
In 2024, the user penetration rate is expected to be 87.8%, and this is forecasted to increase to 96.6% by 2029.
The average revenue per user (ARPU) in this market is expected to be US$847.30.
Online sales are expected to contribute 82% of the total revenue in the Travel & Tourism market by 2029.
When compared globally, the most revenue in this market is expected to be generated United States, with a projected revenue of US$214bn by 2024.
Belgium's travel and tourism market is experiencing a rise in sustainable tourism, with eco-friendly accommodation and activities becoming increasingly popular among visitors.

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.

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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.)

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.

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.