Travel & Tourism - Georgia | Statista Market Forecast

In Georgia, the revenue in the Travel & Tourism market is anticipated to reach US$83.91m by 2024.
Furthermore, it is expected that the revenue will grow annually at a rate of 7.18% from 2024 to 2029, resulting in a market volume projection of US$118.70m by 2029.
The Vacation Rentals market is expected to be the largest market in the country with a market volume projection of US$41.28m in 2024.
By 2029, the number of users in the Vacation Rentals market is expected to reach 598.10k users.
The user penetration rate is projected to increase from 15.8% in 2024 to 20.9% by 2029.
The anticipated average revenue per user (ARPU) is US$142.40.
It is expected that 79% of total revenue will be generated through online sales by 2029.
In comparison to other countries, United States is expected to generate the most revenue in the Travel & Tourism market, with a projection of US$214bn in 2024.
Georgia's Travel & Tourism market is thriving due to its rich historical and cultural heritage, stunning natural beauty, and hospitable locals.

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

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Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

Business trips
Other forms of trips (e.g. excursions, etc.)

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.