Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in El Salvador is experiencing significant growth and development.
Customer preferences: Travelers in El Salvador are increasingly seeking authentic cultural experiences, eco-friendly tourism options, and opportunities for adventure and outdoor activities. They are also showing a preference for personalized and unique travel experiences, including boutique hotels and locally-owned accommodations.
Trends in the market: One notable trend in the Travel & Tourism market in El Salvador is the rise of community-based tourism initiatives, where visitors can engage with local communities and support sustainable tourism practices. Additionally, there is a growing interest in wellness tourism, with an emphasis on health and relaxation activities such as yoga retreats and spa treatments. The country's beautiful beaches and surfing spots are also attracting a growing number of tourists, particularly from North America and Europe.
Local special circumstances: El Salvador's unique cultural heritage, including Mayan ruins and colonial architecture, sets it apart as a destination rich in history and tradition. The country's compact size makes it easy for travelers to explore diverse landscapes, from lush forests to volcanic peaks, in a relatively short amount of time. Additionally, El Salvador's warm and welcoming population contributes to its appeal as a tourist destination.
Underlying macroeconomic factors: The growth of the Travel & Tourism market in El Salvador can be attributed to several macroeconomic factors, including government initiatives to promote tourism, improvements in infrastructure and transportation networks, and a stable political environment. The country's currency exchange rates and cost of living also make it an attractive destination for budget-conscious travelers looking for affordable yet high-quality experiences.
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)
