Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Myanmar's Travel & Tourism market is showing promising signs of growth and development.
Customer preferences: Travelers in Myanmar are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a growing demand for sustainable and responsible travel options, with tourists showing a preference for eco-friendly accommodations and activities that support local communities.
Trends in the market: One notable trend in Myanmar's Travel & Tourism market is the rise of adventure tourism, with more visitors looking to engage in activities such as trekking, cycling, and river cruises. This shift towards experiential travel is driving the development of new tour packages and services that cater to adventurous travelers. Additionally, the country's rich cultural heritage and diverse landscapes are attracting a growing number of cultural and nature enthusiasts.
Local special circumstances: Myanmar's unique cultural heritage, including ancient temples, pagodas, and traditions, sets it apart as a distinctive travel destination in the region. The country's recent opening up to international tourism has sparked interest among travelers looking to explore its unspoiled beauty and immerse themselves in its rich history. The warm hospitality of the local population and the opportunity to engage with different ethnic groups add to the allure of visiting Myanmar.
Underlying macroeconomic factors: The gradual easing of travel restrictions, improved infrastructure, and government initiatives to promote tourism are key factors driving the growth of Myanmar's Travel & Tourism market. Economic development in the country has led to an increase in disposable income among the local population, contributing to a rise in domestic travel. Furthermore, investments in hospitality and tourism-related infrastructure are enhancing the overall travel experience for visitors, supporting the sector's expansion.
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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