Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in APAC is experiencing a significant growth trajectory driven by various factors.
Customer preferences: Customers in APAC are increasingly seeking convenience and hassle-free travel experiences, leading to a rise in demand for package holidays. The all-inclusive nature of package holidays, which often include flights, accommodation, meals, and activities, appeals to travelers looking for a seamless vacation experience.
Trends in the market: In Japan, there is a growing trend of travelers opting for package holidays to destinations in Southeast Asia, attracted by the ease of planning and cost savings offered by bundled deals. South Korea is witnessing a surge in demand for luxury package holidays to exotic locations, reflecting the evolving preferences of affluent travelers in the region.
Local special circumstances: In Australia, the dominance of online travel agencies and tour operators is shaping the package holidays market, with a focus on customizable packages to cater to diverse customer preferences. In contrast, in India, traditional travel agents play a crucial role in curating specialized package holidays that cater to the unique cultural and heritage interests of travelers.
Underlying macroeconomic factors: The economic growth and rising disposable incomes in countries like China and India are driving the demand for international package holidays among middle-class consumers. Additionally, the increasing connectivity and infrastructure development in emerging markets like Vietnam and Indonesia are making it easier for tour operators to offer a wider range of package holiday options to customers.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of package holidays.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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