Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Georgia has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Georgia are increasingly seeking authentic and immersive experiences, driving the demand for cultural and adventure tourism. Tourists are drawn to the country's rich history, diverse landscapes, and unique traditions. Additionally, there is a growing interest in sustainable and eco-friendly travel options among visitors to Georgia.
Trends in the market: One notable trend in the Georgian travel market is the rise of digital platforms and online booking services, making it easier for tourists to plan their trips and explore different destinations within the country. Moreover, the emergence of budget airlines and affordable accommodation options has made travel more accessible to a wider range of visitors. The increasing popularity of off-the-beaten-path destinations and experiential travel activities is also shaping the tourism landscape in Georgia.
Local special circumstances: Georgia's strategic location at the crossroads of Europe and Asia, along with its visa liberalization policies, has contributed to the growth of international tourism in the country. The unique blend of cultural influences, from ancient civilizations to modern developments, makes Georgia a compelling destination for travelers looking for a mix of tradition and innovation. Additionally, the warm hospitality and welcoming nature of the Georgian people play a significant role in attracting tourists to the country.
Underlying macroeconomic factors: The stable economic growth and political stability in Georgia have created a favorable environment for the tourism industry to thrive. Government initiatives to promote tourism, improve infrastructure, and enhance visitor experiences have further boosted the sector. Additionally, investments in hospitality services, transportation networks, and tourist attractions have helped position Georgia as a competitive player in the global travel market.
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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