Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Montenegro, a small country in Southeast Europe, is experiencing significant growth in its Travel & Tourism market.
Customer preferences: Travelers in Montenegro are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots and exploring off-the-beaten-path destinations. This shift in preferences is driving the development of niche tourism offerings such as eco-tourism, adventure travel, and cultural experiences.
Trends in the market: One notable trend in the Montenegrin Travel & Tourism market is the rise of digital nomadism. With the increasing popularity of remote work, many individuals are choosing to live and work in Montenegro for an extended period, blending work with leisure. This trend is driving demand for long-term accommodation options and co-working spaces in the country.
Local special circumstances: Montenegro's stunning natural landscapes, including its picturesque coastline along the Adriatic Sea and rugged mountains, serve as a major draw for tourists. The country's rich cultural heritage, with influences from various civilizations, also adds to its appeal. Additionally, Montenegro's relatively affordable prices compared to other European destinations make it an attractive option for budget-conscious travelers.
Underlying macroeconomic factors: The growth of the Travel & Tourism market in Montenegro is supported by favorable macroeconomic conditions, including stable economic growth and government initiatives to promote the sector. Investments in infrastructure development, such as the expansion of airports and the improvement of road networks, have also contributed to the growth of the tourism industry in the country. Furthermore, Montenegro's increasing integration into the global economy and efforts to attract foreign direct investment have helped boost the overall competitiveness of its tourism sector.
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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