Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Denmark, known for its picturesque landscapes, historical sites, and vibrant culture, has seen a steady growth in its Travel & Tourism market in recent years.
Customer preferences: Travelers in Denmark are increasingly seeking unique and immersive experiences, moving away from traditional tourist attractions to explore off-the-beaten-path destinations. Sustainable and eco-friendly travel options are also becoming more popular among tourists, aligning with Denmark's reputation as a green and environmentally conscious country.
Trends in the market: One notable trend in the Danish Travel & Tourism market is the rise of "slow tourism," where visitors opt for longer stays in a single destination to truly immerse themselves in the local culture. This trend has led to an increase in demand for authentic experiences, such as farm stays, cultural workshops, and culinary tours. Additionally, the growing popularity of digital nomadism has resulted in an influx of remote workers choosing Denmark as a base for an extended period, further boosting the tourism sector.
Local special circumstances: Denmark's emphasis on design, architecture, and culinary experiences sets it apart as a unique destination for travelers seeking cultural enrichment. The country's efficient public transportation system and extensive network of bike lanes make it easy for tourists to explore both urban centers and rural areas, contributing to the overall appeal of Denmark as a tourist-friendly destination.
Underlying macroeconomic factors: The stable economy and high standard of living in Denmark have made it an attractive destination for both leisure and business travelers. Government initiatives promoting sustainable tourism practices and investments in infrastructure have further supported the growth of the Travel & Tourism market in the country. Additionally, Denmark's strategic location in Northern Europe and its well-connected transportation hubs make it a convenient gateway for travelers exploring the region.
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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