Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Ghana's Travel & Tourism market is experiencing significant growth and development, driven by various factors that are shaping the industry in the country.
Customer preferences: Travelers in Ghana are increasingly seeking unique and authentic experiences, driving the demand for cultural tourism and ecotourism. Visitors are showing a preference for immersive experiences that allow them to engage with local communities and nature, rather than traditional tourist attractions.
Trends in the market: One notable trend in Ghana's Travel & Tourism market is the rise of domestic tourism, with more Ghanaians exploring their own country. This trend is fueled by a growing middle class with disposable income, as well as government initiatives to promote domestic travel. Additionally, there is a noticeable increase in adventure tourism activities such as hiking, bird watching, and water sports, catering to a niche market of adventure seekers.
Local special circumstances: Ghana's rich cultural heritage and diverse natural landscapes, including national parks, waterfalls, and pristine beaches, position the country as a desirable travel destination. The Year of Return initiative in 2019, commemorating 400 years since the arrival of the first enslaved Africans in the United States, also boosted international tourism and raised Ghana's profile as a cultural hub.
Underlying macroeconomic factors: The stable economic growth in Ghana, coupled with infrastructural developments and improvements in the business environment, has contributed to the expansion of the Travel & Tourism sector. Government investments in hospitality infrastructure, such as hotels and resorts, have further supported the industry's growth. Additionally, the country's political stability and safety record have enhanced its attractiveness to both domestic and international travelers.
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)
