Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Nepal, known for its majestic mountains and rich cultural heritage, has been experiencing a notable growth in its Travel & Tourism market.
Customer preferences: Travelers visiting Nepal are increasingly seeking authentic and immersive experiences, such as trekking in the Himalayas, exploring ancient temples, and participating in local festivals. The demand for sustainable and eco-friendly tourism practices is also on the rise, with tourists showing a preference for responsible travel options.
Trends in the market: One of the key trends shaping the Travel & Tourism market in Nepal is the growing popularity of adventure tourism. Activities like mountaineering, white-water rafting, and paragliding are attracting thrill-seekers from around the globe. Additionally, the country's focus on promoting cultural tourism has led to an increase in heritage tours and homestay experiences.
Local special circumstances: Nepal's unique geography, which includes eight of the world's ten highest peaks, positions it as a prime destination for adventure enthusiasts and nature lovers. The country's diverse ethnic communities and vibrant traditions also add to its appeal, offering tourists a chance to immerse themselves in a rich tapestry of cultures.
Underlying macroeconomic factors: The political stability and improved infrastructure in Nepal have played a significant role in driving the growth of the Travel & Tourism market. Government initiatives to promote tourism, such as easing visa regulations and investing in hospitality services, have helped attract a larger number of international visitors. Additionally, the increasing connectivity through air travel and the presence of a skilled workforce in the tourism industry have further boosted the sector's development.
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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