Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Moldova is experiencing a steady growth trajectory, driven by various factors that cater to the preferences of both domestic and international travelers.
Customer preferences: Travelers in Moldova are increasingly seeking authentic and unique experiences, such as exploring the country's rich cultural heritage, picturesque landscapes, and traditional cuisine. There is a growing interest in sustainable and eco-friendly tourism practices, aligning with global trends towards responsible travel.
Trends in the market: One notable trend in the Moldovan travel market is the rise of agrotourism, where visitors can engage in rural activities and stay at local farms. This trend not only provides tourists with a closer look at the country's agricultural practices but also supports the local economy in rural areas. Additionally, the development of wine tourism is gaining traction, capitalizing on Moldova's reputation as a wine-producing region with centuries-old winemaking traditions.
Local special circumstances: Moldova's strategic location between Romania and Ukraine makes it a convenient stop for travelers exploring Eastern Europe. The country's visa-free access for many nationalities has also contributed to an increase in tourist arrivals. Furthermore, the affordability of travel in Moldova compared to other European destinations makes it an attractive option for budget-conscious travelers.
Underlying macroeconomic factors: The growth of the Travel & Tourism market in Moldova is supported by improving infrastructure, including upgrades to transportation networks and accommodations. Government initiatives to promote the country as a tourist destination, coupled with investments in tourism development projects, have further stimulated the sector's expansion. Additionally, the increasing connectivity through air travel routes and the presence of international hotel chains are enhancing Moldova's appeal to a broader 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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