Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Amidst the vast steppes and rugged mountains of Mongolia, the Travel & Tourism market is gaining momentum, attracting a growing number of visitors from around the globe.
Customer preferences: Travelers in Mongolia are increasingly seeking authentic and unique experiences, opting for cultural immersions and eco-friendly adventures. The demand for off-the-beaten-path destinations and sustainable tourism practices is on the rise, as visitors look to connect with the country's rich nomadic heritage and pristine natural landscapes.
Trends in the market: One notable trend in the Mongolian Travel & Tourism market is the growing popularity of experiential tourism, with a focus on activities such as staying in traditional ger camps, participating in nomadic lifestyle experiences, and exploring remote wilderness areas on horseback or by trekking. Additionally, there is a rising interest in adventure tourism, including activities like hiking, camel riding, and eagle hunting, which offer visitors a chance to engage with Mongolia's unique cultural and natural heritage.
Local special circumstances: Mongolia's nomadic culture and vast, untouched wilderness set it apart as a unique destination for travelers seeking authentic experiences. The country's stunning landscapes, including the Gobi Desert, Khuvsgul Lake, and the Altai Mountains, offer a diverse range of attractions for nature enthusiasts and adventure seekers. The nomadic way of life, with its emphasis on hospitality and traditional customs, provides visitors with a glimpse into a lifestyle that has remained largely unchanged for centuries.
Underlying macroeconomic factors: The development of the Travel & Tourism market in Mongolia is also influenced by macroeconomic factors such as government initiatives to promote the sector, improvements in infrastructure and transportation networks, and increasing international connectivity. As the country continues to invest in tourism development and promote its unique cultural and natural assets on the global stage, the sector is poised for further growth in the coming years.
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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