Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Gambia has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Gambia are increasingly seeking authentic cultural experiences, eco-friendly accommodations, and opportunities for outdoor adventures. They are drawn to the country's rich cultural heritage, diverse landscapes, and vibrant local communities. Additionally, there is a growing demand for sustainable tourism practices and responsible travel initiatives.
Trends in the market: One notable trend in the Gambian travel market is the rise of community-based tourism initiatives, where visitors can engage with local communities and support small-scale enterprises. This trend aligns with the global shift towards experiential travel and sustainable tourism practices. Furthermore, the country has seen an increase in niche tourism segments such as birdwatching, ecotourism, and historical tours, catering to specific interests of travelers.
Local special circumstances: Gambia's strategic location along the coast, coupled with its warm climate and beautiful beaches, makes it a popular destination for sun-seekers and water sports enthusiasts. The country's political stability, friendly locals, and relatively affordable prices also contribute to its appeal among international tourists. Moreover, Gambia's cultural festivals, traditional music, and art scenes offer unique experiences for visitors looking to immerse themselves in the local culture.
Underlying macroeconomic factors: The growth of the Travel & Tourism market in Gambia can be attributed to various macroeconomic factors, including government investments in infrastructure development, promotion of tourism initiatives, and efforts to improve air connectivity. Additionally, the country's stable economic environment, currency exchange rates, and visa policies play a role in attracting foreign visitors. As Gambia continues to focus on diversifying its economy and promoting tourism as a key sector, the market is expected to further expand in the coming years.
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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