Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Bangladesh is experiencing a steady growth trajectory, driven by changing consumer preferences, emerging trends, and unique local circumstances.
Customer preferences: Bangladeshi consumers are increasingly seeking convenience, affordability, and experiential travel options when choosing their holiday packages. There is a growing demand for all-inclusive deals that offer a hassle-free vacation experience, including accommodation, meals, transportation, and activities. Additionally, personalized and tailor-made packages are gaining popularity among travelers looking for unique and curated experiences.
Trends in the market: One prominent trend in the Package Holidays market in Bangladesh is the rise of domestic tourism. As more Bangladeshis explore and appreciate the natural beauty and cultural heritage within their own country, there is a growing demand for domestic holiday packages. This trend is also supported by the government's initiatives to promote local tourism and develop infrastructure in popular tourist destinations.
Local special circumstances: Bangladesh's geographical location, rich history, and diverse cultural offerings make it an attractive destination for both domestic and international travelers. The country's stunning landscapes, including the world's largest natural mangrove forest and picturesque tea gardens, provide a unique backdrop for holiday experiences. Moreover, Bangladesh's vibrant festivals, culinary delights, and warm hospitality contribute to its appeal as a holiday destination.
Underlying macroeconomic factors: The growing middle-class population in Bangladesh, coupled with increasing disposable incomes, is fueling the demand for package holidays. As more people have the financial means to travel, the tourism industry is witnessing a surge in bookings for holiday packages. Furthermore, the government's efforts to improve infrastructure, enhance safety and security measures, and promote tourism are creating a conducive environment for the growth of the Package Holidays market in Bangladesh.
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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