Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Mexico's Travel & Tourism market is experiencing a significant growth in recent years, attracting a diverse range of travelers from around the world.
Customer preferences: Travelers in Mexico are increasingly seeking authentic cultural experiences, leading to a rise in demand for local tours, traditional cuisine, and indigenous art and crafts. The trend towards sustainable and eco-friendly travel options is also gaining traction, with many tourists opting for environmentally conscious accommodations and activities.
Trends in the market: One notable trend in the Mexican Travel & Tourism market is the growing popularity of adventure tourism, with activities such as hiking, zip-lining, and diving attracting thrill-seeking travelers. Additionally, medical tourism is on the rise, with Mexico becoming a preferred destination for affordable healthcare services combined with a relaxing vacation.
Local special circumstances: Mexico's rich cultural heritage and diverse landscapes make it a unique travel destination, offering everything from ancient archaeological sites to pristine beaches. The country's vibrant festivals and colorful traditions also contribute to its appeal among tourists looking for immersive cultural experiences.
Underlying macroeconomic factors: The Mexican Travel & Tourism market is benefiting from a stable economy and government initiatives aimed at promoting the country as a top tourist destination. Infrastructure developments, such as new airports and improved transportation networks, are also facilitating easier access to popular tourist destinations within Mexico. Additionally, favorable exchange rates and competitive pricing make Mexico an attractive destination for international travelers seeking value for their money.
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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