Travel & Tourism - Montenegro | Statista Market Forecast

According to projections, the Travel & Tourism market in Montenegro is expected to generate a revenue of US$25.13m by 2024.
This revenue is expected to grow annually by 2.73%, resulting in a projected market volume of US$28.75m by 2029.
The largest market in the Montenegrin market is the Package Holidays market, with a projected market volume of US$9.73m in 2024.
It is expected that the number of users in Package Holidays will amount to 87.17k users by 2029.
In 2024, the user penetration will be 15.3%, which is expected to increase to 18.1% by 2029.
The average revenue per user (ARPU) is expected to be US$261.90.
It is estimated that by 2029, 72% of the total revenue in the Montenegrin Travel & Tourism market will be generated through online sales.
In comparison to other countries, United States is projected to generate the most revenue, amounting to US$214bn in 2024.
Montenegro's Travel & Tourism sector is booming, with the country's stunning coastline and mountainous landscape attracting an increasing number of visitors.

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

For further information on the data displayed, refer to the info button right next to each box.

Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

Business trips
Other forms of trips (e.g. excursions, etc.)

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.