Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Latvia, a country known for its picturesque landscapes and rich cultural heritage, has seen a significant growth in its Travel & Tourism market in recent years.
Customer preferences: Travelers in Latvia are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a rising demand for sustainable and eco-friendly tourism options, with visitors showing a preference for activities that promote environmental conservation and support local communities.
Trends in the market: One notable trend in the Latvian Travel & Tourism market is the growing popularity of rural tourism. Travelers are drawn to the country's charming countryside, where they can engage in activities such as farm stays, nature walks, and cultural immersions. This trend aligns with the global movement towards experiential travel, where tourists seek meaningful interactions and connections with the places they visit.
Local special circumstances: Latvia's unique cultural heritage and well-preserved historical sites make it a compelling destination for cultural tourism. The country's vibrant arts scene, traditional festivals, and UNESCO World Heritage sites attract visitors interested in history and culture. Additionally, Latvia's diverse culinary scene, featuring local specialties and farm-to-table dining experiences, appeals to food enthusiasts looking to explore the country's gastronomic offerings.
Underlying macroeconomic factors: The growth of Latvia's Travel & Tourism market can be attributed to several macroeconomic factors, including increasing disposable incomes, improved infrastructure, and government initiatives to promote the tourism sector. The country's strategic location within the Baltic region, as well as its visa-free access to Schengen countries, have also contributed to the rise in international arrivals. Furthermore, investments in hospitality services and the development of niche tourism products have enhanced Latvia's appeal as a destination for travelers seeking unique and authentic experiences.
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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