Package Holidays - Armenia | Statista Market Forecast

Armenia is projected to reach a revenue of US$112.30m in the Package Holidays market by 2024.
Furthermore, an annual growth rate of 8.35% is expected from 2024 to 2029, resulting in a projected market volume of US$167.60m by 2029.
It is estimated that the number of users in this market will amount to 193.60k users by 2029, with a user penetration of 5.7% in 2024, which is expected to increase to 7.0% by 2029.
The projected average revenue per user (ARPU) is US$710.30.
Online sales are expected to generate 76% of total revenue in the Package Holidays market by 2029.
Finally, it is important to note that in global comparison, China is expected to generate the most revenue, with a projected revenue of US$49bn in 2024.
Despite its small size, Armenia offers a variety of package holiday options that showcase the country's rich history, culture, and natural beauty.

Definition:

The Package Holidays market comprises of travel deals booked via online and offline travel agencies (e.g. Opodo, Expedia), directly from a tour operator (e.g. TUI) in a travel agency or by telephone. Package holidays normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.

Additional Information:

The main performance indicators of the Package Holidays market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of travelers. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

For further information on the data displayed, refer to the info button right next to each box.

Contains travel and accommodation, further provisions can be included such as catering and tourist services

Non-packaged travel bookings

Armenia, a country rich in history and culture, is also witnessing interesting developments in its Package Holidays market.

Customer preferences: Travelers in Armenia are increasingly seeking convenience and hassle-free experiences when planning their vacations. The demand for package holidays is on the rise as customers prefer all-inclusive deals that offer a combination of accommodation, transportation, and activities. This shift in preferences can be attributed to the busy lifestyles of modern consumers who value time-saving options.

Trends in the market: One notable trend in the Armenian Package Holidays market is the diversification of offerings to cater to different customer segments. Tour operators are introducing specialized packages targeting various interests such as cultural tours, adventure holidays, and wellness retreats. This trend reflects the growing sophistication of Armenian travelers who are looking for unique and tailored experiences.

Local special circumstances: Armenia's unique geographical location and rich cultural heritage make it an attractive destination for tourists seeking authentic experiences. The country's stunning landscapes, ancient monasteries, and warm hospitality contribute to the appeal of package holidays in Armenia. Tour operators are leveraging these special circumstances to design immersive itineraries that showcase the best of what the country has to offer.

Underlying macroeconomic factors: The growth of the Package Holidays market in Armenia is also influenced by macroeconomic factors such as increasing disposable incomes and improved infrastructure. As the economy continues to develop, more Armenians are able to afford travel packages, leading to a higher demand for such services. Additionally, investments in transportation and accommodation facilities have made it easier for tour operators to offer competitive packages, further driving the market's growth.

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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