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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Over the past few years, the Travel & Tourism market in Central & Western Europe has been experiencing significant growth and development.
Customer preferences: Travelers in Central & Western Europe are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a rising demand for sustainable and eco-friendly travel options, with travelers showing a preference for accommodations and activities that are environmentally conscious.
Trends in the market: In countries like Germany and France, there is a growing trend towards experiential travel, where tourists immerse themselves in the local culture and lifestyle. This has led to an increase in demand for homestays, local tours, and culinary experiences. Additionally, the rise of budget airlines and online travel platforms has made travel more accessible and affordable, leading to an increase in overall tourism numbers.
Local special circumstances: Countries like Italy and Spain, known for their rich history and cultural heritage, continue to attract a large number of international tourists. The Mediterranean coastlines of these countries are popular destinations for beach holidays, while cities like Rome, Paris, and Barcelona remain top choices for city breaks. The diverse offerings of Central & Western Europe appeal to a wide range of travelers, from adventure seekers to art enthusiasts.
Underlying macroeconomic factors: The stable economic conditions in countries like Switzerland and Austria have contributed to the growth of the Travel & Tourism market, as consumers feel more confident about spending on leisure activities. Additionally, the presence of well-developed infrastructure, including efficient transportation networks and a wide range of accommodation options, has made Central & Western Europe an attractive destination for both domestic and international tourists.
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)