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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Over the past few years, the Travel & Tourism market in EMEA has been experiencing significant growth and development, driven by various factors influencing consumer behavior and market dynamics.
Customer preferences: Travelers in EMEA are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. This shift in preferences has led to the rise of adventure tourism, cultural exchanges, and eco-friendly travel options in the region.
Trends in the market: In France, there has been a noticeable increase in wellness tourism, with travelers prioritizing health and relaxation during their trips. This trend has led to the growth of spa resorts, yoga retreats, and wellness-focused accommodations across the country.
Local special circumstances: Italy, known for its rich history and cultural heritage, has seen a surge in cultural tourism, with visitors flocking to explore ancient ruins, art galleries, and historical landmarks. The country's unique blend of art, architecture, and gastronomy continues to attract tourists from around the world.
Underlying macroeconomic factors: The economic stability and growth in countries like Germany have contributed to the flourishing luxury travel market, with high-end hotels, gourmet dining experiences, and personalized services becoming increasingly popular among affluent travelers. The strong purchasing power of consumers in the region has fueled the demand for premium travel offerings.
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)