Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Oman has been experiencing a significant growth in recent years.
Customer preferences: Travelers in Oman are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions and opting for more off-the-beaten-path destinations. This shift in preferences is driving the growth of niche tourism segments such as eco-tourism, cultural tourism, and adventure tourism.
Trends in the market: One noticeable trend in the Omani travel market is the increasing focus on sustainable tourism practices. Travelers are becoming more environmentally conscious and are actively seeking destinations that prioritize conservation efforts and promote responsible travel. This trend is reflected in the development of eco-friendly accommodations, wildlife conservation projects, and community-based tourism initiatives across the country.
Local special circumstances: Oman's rich cultural heritage, stunning natural landscapes, and warm hospitality play a significant role in attracting tourists to the country. The government's efforts to promote tourism through initiatives like the Oman Tourism Strategy 2040 and infrastructure development projects have also contributed to the growth of the sector. Additionally, Oman's strategic location on the Arabian Peninsula makes it a gateway for travelers looking to explore the region.
Underlying macroeconomic factors: The stable political environment, improving infrastructure, and government support for the tourism sector are key macroeconomic factors driving the growth of the travel market in Oman. The country's diversification efforts to reduce dependence on oil revenues have led to a greater focus on tourism as a key economic driver. Additionally, partnerships with international travel agencies and airlines have helped increase Oman's visibility as a travel destination, attracting a more diverse range of visitors.
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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