Key regions: Malaysia, Europe, Singapore, Vietnam, United States
New Zealand, known for its stunning landscapes and outdoor adventures, has seen a significant growth in its Travel & Tourism market in recent years.
Customer preferences: Travelers in New Zealand 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 eco-friendly tourism options, with visitors showing a preference for activities that allow them to connect with nature and local culture.
Trends in the market: One notable trend in the New Zealand Travel & Tourism market is the rise of adventure tourism. Activities such as bungee jumping, skydiving, and hiking in the country's national parks have become increasingly popular among both domestic and international tourists. Additionally, there has been a surge in food and wine tourism, with travelers eager to sample local cuisine and visit vineyards across the country.
Local special circumstances: New Zealand's unique geographical features, including its snow-capped mountains, pristine beaches, and lush forests, make it a prime destination for outdoor enthusiasts. The country's Maori culture also plays a significant role in its tourism industry, with many visitors interested in learning about indigenous traditions and history.
Underlying macroeconomic factors: The growth in New Zealand's Travel & Tourism market can be attributed to several macroeconomic factors, including a strong national economy, government initiatives to promote tourism, and improved air connectivity with key international markets. Additionally, the country's successful management of the COVID-19 pandemic has boosted confidence among travelers, leading to an influx of visitors eager to explore all that New Zealand has to offer.
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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