Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Central Africa is experiencing a gradual but steady growth in recent years.
Customer preferences: Travelers in Central Africa are increasingly seeking unique and authentic experiences, driving the demand for ecotourism and cultural tourism. They are looking to explore the region's diverse landscapes, wildlife, and rich cultural heritage. Additionally, there is a growing interest in adventure tourism and sustainable travel practices among tourists visiting Central Africa.
Trends in the market: One notable trend in the Central African travel market is the rise of community-based tourism initiatives, where local communities are actively involved in tourism activities and benefit directly from the industry. This trend not only enhances the overall travel experience for visitors but also contributes to the economic development of rural areas. Moreover, there is a noticeable increase in investments in infrastructure development to improve accessibility to key tourist destinations in the region.
Local special circumstances: Central Africa is home to a variety of unique attractions such as national parks, UNESCO World Heritage sites, and vibrant local markets. Countries like Cameroon, Gabon, and the Democratic Republic of Congo boast diverse ecosystems and wildlife, making them attractive destinations for nature lovers and adventure seekers. The region's cultural diversity and traditional practices also play a significant role in attracting tourists looking for authentic cultural experiences.
Underlying macroeconomic factors: The growth of the Travel & Tourism market in Central Africa can be attributed to several macroeconomic factors, including government initiatives to promote the sector, improvements in transportation infrastructure, and efforts to enhance safety and security for tourists. Additionally, the region's strategic location and increasing connectivity with other parts of the world have contributed to the growth of international tourism in Central Africa.
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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