Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Amidst the diverse landscapes and rich cultural heritage of the European Union, the Travel & Tourism market in EU-27 is experiencing dynamic shifts and developments.
Customer preferences: Travelers in the EU-27 region are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots towards off-the-beaten-path destinations. There is a growing demand for sustainable and eco-friendly tourism options, with travelers showing a preference for businesses that prioritize environmental conservation and responsible practices.
Trends in the market: In countries like France and Spain, cultural tourism is thriving, with visitors flocking to historical sites, museums, and art galleries. On the other hand, countries like Croatia and Greece are witnessing a surge in coastal and island tourism, attracting sun-seekers and water sports enthusiasts. The rise of digital platforms and online booking services has made travel more accessible, allowing tourists to customize their trips and explore lesser-known destinations.
Local special circumstances: Countries like Italy and Portugal are leveraging their gastronomic offerings to attract tourists, with food and wine tourism becoming increasingly popular. In regions known for their vineyards and culinary traditions, visitors can partake in wine tastings, cooking classes, and farm-to-table dining experiences. Additionally, countries like Germany and Austria are capitalizing on their scenic landscapes to promote outdoor activities such as hiking, skiing, and cycling.
Underlying macroeconomic factors: The overall economic stability and growth in the EU-27 region have contributed to the expansion of the Travel & Tourism market. Increasing disposable incomes and a rise in consumer confidence have led to higher spending on leisure and travel activities. Furthermore, government initiatives to promote tourism, improve infrastructure, and enhance connectivity have bolstered the industry, making it easier for both domestic and international travelers to explore the diverse offerings of 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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