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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Estonia, known for its picturesque landscapes and rich cultural heritage, has seen a notable growth in its Travel & Tourism market in recent years.
Customer preferences: Travelers in Estonia 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 a rise in demand for sustainable and eco-friendly tourism options, as visitors look to minimize their environmental impact while immersing themselves in the local culture.
Trends in the market: One prominent trend in the Estonian Travel & Tourism market is the growing popularity of digital nomadism. With the rise of remote work opportunities, more individuals are choosing Estonia as a temporary base to explore the country while continuing their professional endeavors. This trend has fueled the demand for co-working spaces, digital infrastructure, and experiential travel packages tailored for remote workers.
Local special circumstances: Estonia's unique position as a tech-savvy nation with a strong focus on innovation has positioned it as a hub for digital nomads and tech enthusiasts. The country's advanced digital infrastructure, including widespread access to high-speed internet and e-governance solutions, has made it an attractive destination for individuals looking to combine work and travel seamlessly. Additionally, Estonia's vibrant startup scene and entrepreneurial spirit have created a dynamic environment for networking and collaboration among like-minded professionals.
Underlying macroeconomic factors: The growing presence of international tech companies and startups in Estonia has contributed to the country's economic growth and increased its visibility on the global stage. This influx of foreign investment has not only created job opportunities but has also fueled the development of the tourism sector, with new accommodations, dining options, and leisure activities catering to a diverse range of travelers. Furthermore, Estonia's membership in the European Union has facilitated ease of travel and trade, making it a convenient destination for visitors from neighboring countries and beyond.
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)