Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Luxembourg, known for its picturesque landscapes, historic castles, and vibrant culture, has seen a steady growth in its Travel & Tourism market in recent years.
Customer preferences: Travelers in Luxembourg are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. They value sustainable tourism practices, eco-friendly accommodations, and immersive cultural activities that allow them to connect with the local community.
Trends in the market: One noticeable trend in the Luxembourgish Travel & Tourism market is the rise of luxury travel experiences. High-end boutique hotels, gourmet dining options, and personalized concierge services are becoming increasingly popular among affluent travelers visiting the country. Additionally, there is a growing demand for wellness tourism, with spas, yoga retreats, and wellness centers attracting health-conscious visitors.
Local special circumstances: Luxembourg's strategic location in the heart of Europe has made it a hub for business travelers, contributing significantly to the growth of the MICE (Meetings, Incentives, Conferences, and Exhibitions) sector. The country's strong economy and political stability have also attracted a growing number of business travelers, leading to an increase in corporate events and conferences being held in Luxembourg.
Underlying macroeconomic factors: The stable economic growth and high standard of living in Luxembourg have boosted consumer confidence and disposable income, leading to an increase in domestic tourism as well as inbound tourism. The government's focus on promoting the country as a sustainable and eco-friendly destination has also played a key role in attracting environmentally conscious travelers to Luxembourg. Additionally, investments in infrastructure development, such as transportation networks and accommodation facilities, have further enhanced the country's appeal as a tourist destination.
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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