Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Brunei Darussalam, a small but affluent country in Southeast Asia, is experiencing a steady growth in its Travel & Tourism market.
Customer preferences: Travelers in Brunei Darussalam are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions towards more off-the-beaten-path destinations. There is a growing interest in eco-tourism, cultural immersion, and wellness travel experiences among both domestic and international tourists.
Trends in the market: One notable trend in the Brunei Darussalam Travel & Tourism market is the government's efforts to promote sustainable tourism practices. Initiatives such as the conservation of natural habitats, promotion of local culture, and support for community-based tourism projects are gaining traction. Additionally, the country's focus on high-end tourism is attracting luxury travelers looking for exclusive and personalized experiences.
Local special circumstances: Brunei Darussalam's unique blend of rich biodiversity, pristine rainforests, and vibrant cultural heritage sets it apart as a desirable travel destination. The country's strategic location in Borneo offers opportunities for adventure tourism, wildlife spotting, and exploration of indigenous cultures. Furthermore, Brunei's stable political environment and low crime rates contribute to its appeal as a safe and peaceful destination for travelers.
Underlying macroeconomic factors: The growth of the Travel & Tourism market in Brunei Darussalam is supported by favorable macroeconomic conditions, including a strong GDP per capita and government investments in infrastructure development. The country's efforts to diversify its economy beyond oil and gas industries have led to a focus on tourism as a key sector for economic growth. Additionally, Brunei's visa policies, such as visa-free entry for certain nationalities, have facilitated easier access for international tourists, 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.
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)
