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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in BRICS countries is experiencing significant growth and development.
Customer preferences: Customers in BRICS countries are increasingly seeking unique and authentic travel experiences. They are looking for opportunities to explore diverse cultures, historical landmarks, and natural attractions. Additionally, there is a growing demand for sustainable and eco-friendly travel options among tourists in these countries.
Trends in the market: In Brazil, there is a rising trend of ecotourism and adventure travel, driven by the country's rich biodiversity and natural landscapes. Russia is seeing a surge in cultural tourism, with travelers interested in exploring its historical sites and vibrant arts scene. India is experiencing a growth in medical tourism, as more international visitors seek high-quality healthcare services at affordable prices. In China, there is a trend towards luxury travel, with affluent tourists looking for exclusive experiences and high-end accommodations. South Africa is witnessing an increase in safari tourism, as travelers flock to its renowned national parks to see exotic wildlife up close.
Local special circumstances: Each BRICS country has its own unique attractions and offerings that cater to different types of tourists. Brazil's Carnival festival and stunning beaches draw in millions of visitors annually. Russia's rich history and architectural wonders, such as the Kremlin and Hermitage Museum, are major draws for cultural enthusiasts. India's diverse cultural heritage, including UNESCO World Heritage sites like the Taj Mahal, continue to attract tourists from around the globe. China's modern infrastructure and ancient landmarks, such as the Great Wall, appeal to a wide range of travelers. South Africa's breathtaking landscapes, including Table Mountain and Kruger National Park, make it a popular destination for nature lovers and adventure seekers.
Underlying macroeconomic factors: The growth of the Travel & Tourism market in BRICS countries can be attributed to several macroeconomic factors, including rising disposable incomes, expanding middle-class populations, improved transportation infrastructure, and government initiatives to promote tourism. Additionally, advancements in technology have made it easier for travelers to research and book trips, contributing to the overall growth of the market in these countries.
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)