Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Eastern Europe is experiencing a surge in interest and growth.
Customer preferences: Travelers in Eastern Europe are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. They are also showing a preference for sustainable and eco-friendly travel options, aligning with global trends towards responsible tourism practices.
Trends in the market: Countries in Eastern Europe such as Croatia and Romania are witnessing a rise in tourism due to their diverse landscapes, rich history, and cultural heritage. Additionally, the region is becoming more accessible with improved infrastructure and connectivity, attracting a wider range of visitors. The growing popularity of adventure tourism and outdoor activities is also contributing to the market's development in countries like Slovenia and Bulgaria.
Local special circumstances: Eastern European countries like Hungary and Poland are capitalizing on their vibrant cultural scenes and culinary offerings to attract tourists. The region's affordability compared to Western Europe is also a key factor driving tourism growth, making it an attractive destination for budget-conscious travelers. Furthermore, the development of niche tourism segments such as wellness retreats and wine tourism is further enhancing the region's appeal.
Underlying macroeconomic factors: The increasing disposable income levels in Eastern Europe are enabling more people to travel both domestically and internationally. Economic stability and the strengthening of the tourism infrastructure in countries like the Czech Republic and Slovakia are further bolstering the market. Additionally, government initiatives to promote tourism and improve visa regulations are facilitating easier travel within the region, supporting the overall growth of the Travel & Tourism market in Eastern Europe.
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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