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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
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.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)