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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Central Asia's Travel & Tourism market is experiencing significant growth and development in recent years.
Customer preferences: Travelers in Central Asia are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a growing demand for sustainable and eco-friendly tourism options, as travelers become more conscious of their environmental impact. Additionally, personalized and tailor-made travel experiences are gaining popularity among tourists in the region.
Trends in the market: One notable trend in the Central Asian travel market is the rise of adventure tourism. Countries like Kazakhstan and Kyrgyzstan are attracting adventure seekers with their stunning landscapes, offering activities such as trekking, mountaineering, and horseback riding. Moreover, cultural tourism is also on the rise, with tourists showing a keen interest in exploring the rich history and heritage of countries like Uzbekistan and Turkmenistan.
Local special circumstances: Central Asia's unique cultural heritage and historical sites are major attractions for tourists. The region's Silk Road history, ancient cities, and architectural wonders draw visitors from around the world. Countries like Uzbekistan have made significant efforts to promote their cultural heritage through tourism, leading to a surge in international visitors. Additionally, the warm hospitality of the local population and the vibrant traditional cuisines add to the allure of Central Asia as a travel destination.
Underlying macroeconomic factors: The improving infrastructure and connectivity in Central Asia have played a crucial role in driving the growth of the travel and tourism market. Investments in transportation, accommodation, and tourist facilities have made it easier for travelers to explore the region. Furthermore, government initiatives to promote tourism, such as visa liberalization and marketing campaigns, have contributed to the increasing popularity of Central Asia as a tourist destination. Economic stability and the growing middle class in the region have also boosted domestic travel, supporting the overall growth of 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)