Travel & Tourism - Czechia

  • Czechia
  • The Travel & Tourism market in Czechia is expected to experience steady growth in the coming years.
  • By 2024, revenue in this market is projected to reach US$3,951.00m.
  • Furthermore, it is expected to expand at an annual growth rate (CAGR 2024-2029) of 3.38%.
  • As a result, the projected market volume is expected to reach US$4,665.00m by 2029.
  • The largest market in this market is the Package Holidays, which is expected to reach a projected market volume of US$2,577.00m in 2024.
  • By 2029, the number of users in the Package Holidays market is expected to amount to 4,162.00k users.
  • The user penetration rate is expected to increase from 68.3% in 2024 to 77.8% by 2029.
  • Furthermore, the average revenue per user (ARPU) is expected to be US$550.40.
  • It is also noteworthy that 64% of total revenue in the Travel & Tourism market will be generated through online sales by 2029.
  • When compared globally, United States is expected to generate the most revenue, with US$214bn in 2024.
  • Czechia's tourism industry is experiencing a rise in popularity due to its rich cultural heritage and picturesque landscapes.

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

 
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Analyst Opinion

The Travel & Tourism market in Czechia is experiencing a significant growth trajectory, driven by various factors that appeal to both domestic and international travelers.

Customer preferences:
Travelers in Czechia are increasingly seeking authentic experiences that allow them to immerse themselves in the local culture and heritage. This trend is reflected in the rising demand for unique accommodation options such as boutique hotels and homestays. Additionally, there is a growing interest in sustainable and eco-friendly tourism practices among visitors to Czechia.

Trends in the market:
One notable trend in the Czech Travel & Tourism market is the increasing popularity of off-the-beaten-path destinations and activities. Travelers are looking beyond the traditional tourist hotspots and venturing into lesser-known regions to discover hidden gems. This trend is driving growth in niche tourism segments such as rural tourism, adventure travel, and cultural exchanges.

Local special circumstances:
Czechia's rich history and architectural heritage make it a unique destination for travelers interested in exploring medieval castles, historic towns, and UNESCO World Heritage sites. The country's diverse landscape, which includes picturesque mountains, forests, and rivers, offers ample opportunities for outdoor activities such as hiking, cycling, and boating. Additionally, Czechia's vibrant arts and culinary scenes attract visitors looking to experience the local creativity and gastronomy.

Underlying macroeconomic factors:
The Travel & Tourism market in Czechia is benefiting from a strong economy and stable political environment, which are fostering consumer confidence and disposable income levels. The country's strategic location in Central Europe makes it a convenient hub for travelers exploring the wider region. Furthermore, investments in infrastructure and hospitality services are enhancing the overall travel experience in Czechia, attracting more visitors and driving growth in the market.

Methodology

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.

Overview

  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • Travel Behavior
  • Destination Shares
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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