Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in MENA region is experiencing significant growth and development.
Customer preferences: Travelers in the MENA region are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a growing demand for sustainable and eco-friendly travel options, with many tourists looking to minimize their environmental impact during their trips.
Trends in the market: In Egypt, the tourism sector is rebounding following years of political instability, with a renewed interest in historical sites such as the pyramids and temples. Saudi Arabia is opening up to international tourists with the introduction of tourist visas, leading to an influx of visitors to the country. The United Arab Emirates continues to attract tourists with its luxury shopping, world-class hotels, and iconic landmarks like the Burj Khalifa.
Local special circumstances: Countries like Jordan and Lebanon are leveraging their rich cultural heritage and natural landscapes to attract tourists. Jordan's ancient city of Petra and Wadi Rum desert offer unique experiences for travelers, while Lebanon's vibrant nightlife and Mediterranean coastline appeal to a diverse range of visitors. In Morocco, the blending of Arab, Berber, and European influences creates a unique cultural tapestry that draws tourists from around the world.
Underlying macroeconomic factors: The diversification of economies in the MENA region, away from oil dependency, has led to increased investment in the tourism sector. Governments are implementing policies to support the growth of the industry, such as infrastructure development and marketing campaigns to attract international visitors. Additionally, the rise of low-cost airlines and online booking platforms has made travel more accessible and affordable for a wider range of 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.
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