Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Morocco's Travel & Tourism market is experiencing significant growth and development, driven by various factors shaping consumer preferences and the local tourism landscape.
Customer preferences: Travelers in Morocco are increasingly seeking authentic cultural experiences, such as exploring historic cities like Marrakech and Fez, and immersing themselves in the rich traditions of the country. Additionally, there is a growing demand for eco-friendly and sustainable tourism practices, with tourists showing interest in exploring Morocco's diverse natural landscapes, including the Atlas Mountains and the Sahara Desert.
Trends in the market: One notable trend in Morocco's Travel & Tourism market is the rise of digital platforms and online booking services, making it easier for travelers to plan their trips and discover unique experiences in the country. Moreover, the government's efforts to improve infrastructure and promote tourism have led to an increase in international arrivals, particularly from Europe and other regions.
Local special circumstances: Morocco's strategic location at the crossroads of Africa, Europe, and the Middle East has positioned it as a key travel destination, offering a blend of cultures, cuisines, and landscapes. The country's diverse attractions, from bustling souks to tranquil beaches, appeal to a wide range of tourists seeking memorable experiences.
Underlying macroeconomic factors: The stability of Morocco's economy, coupled with government initiatives to boost the tourism sector, has created a favorable environment for investment and growth in the Travel & Tourism market. Additionally, the country's focus on promoting sustainable tourism practices aligns with global trends towards responsible travel, attracting conscientious travelers looking to minimize their environmental impact.
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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