Travel & Tourism - Lithuania | Statista Market Forecast

By 2024, Lithuania's revenue in the Travel & Tourism market is expected to reach US$599.30m.
The projected annual growth rate (CAGR 2024-2029) of 3.28% is expected to increase the revenue, resulting in a market volume of US$704.20m by 2029.
The largest market in the Lithuanian market is the Hotels market, with a projected market volume of US$266.60m in 2024.
The number of users in this market is expected to increase to 1.16m users by 2029.
In 2024, the user penetration rate is estimated to be 59.1% and is expected to increase to 65.9% by 2029.
The average revenue per user (ARPU) is projected to be US$376.50.
By 2029, 88% of total revenue in the Travel & Tourism market in Lithuania will be generated through online sales.
When compared globally, United States is projected to generate the most revenue, with US$214bn in 2024.
Lithuania's Travel & Tourism industry is experiencing growth as more tourists are attracted to its rich history and cultural heritage.

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.

For further information on the data displayed, refer to the info button right next to each box.

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.)

Lithuania is experiencing a notable growth in its Travel & Tourism market, driven by various factors that are shaping the industry in the country.

Customer preferences: Travelers in Lithuania are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore lesser-known destinations within the country. There is a growing interest in cultural and heritage tourism, as well as eco-friendly and sustainable travel options. Additionally, the demand for personalized and tailor-made travel experiences is on the rise, with travelers looking for customized itineraries and off-the-beaten-path adventures.

Trends in the market: One of the key trends in the Lithuanian Travel & Tourism market is the surge in domestic tourism. As more locals opt to explore their own country, there has been a significant boost in the hospitality sector, especially in rural areas and smaller towns. This trend is also supported by the government's initiatives to promote domestic tourism and infrastructure development outside major cities. Furthermore, there is a growing interest in health and wellness tourism, with an increase in wellness retreats, spa resorts, and outdoor activities that promote physical and mental well-being.

Local special circumstances: Lithuania's unique geographical features, such as its Baltic coastline, dense forests, and numerous lakes, offer diverse opportunities for outdoor activities and nature-based tourism. The country's rich history and cultural heritage, including well-preserved medieval towns and UNESCO World Heritage sites, attract history enthusiasts and cultural travelers. Additionally, Lithuania's traditional festivals, local cuisine, and artisanal crafts contribute to the overall appeal of the destination, offering visitors a taste of authentic Lithuanian culture.

Underlying macroeconomic factors: The overall economic stability and growth in Lithuania have positively impacted the Travel & Tourism market, with increasing disposable incomes and consumer spending on leisure activities. The country's improving infrastructure, including transportation networks and accommodation options, has made it more accessible and attractive to both domestic and international travelers. Moreover, Lithuania's membership in the European Union has facilitated easier travel regulations and visa processes, further boosting tourism in the country.

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.