Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
Package holidays are a popular choice for travelers in Central & Western Europe, offering convenience and value for money.
Customer preferences: Travelers in Central & Western Europe are increasingly seeking hassle-free and all-inclusive travel experiences, which has boosted the demand for package holidays. These travelers value the convenience of having flights, accommodation, and activities bundled together in a single package, saving them time and effort in trip planning. Additionally, the peace of mind that comes with having everything arranged by a single provider is appealing to many customers in the region.
Trends in the market: In Germany, there is a growing trend towards sustainable and eco-friendly package holidays, with travelers showing a preference for destinations that prioritize environmental conservation and offer responsible tourism practices. This shift in consumer behavior has led to an increase in the number of tour operators offering eco-conscious package holidays in the country. Additionally, personalized and experiential package holidays are gaining popularity in France, with travelers looking for unique and authentic experiences that go beyond traditional sightseeing tours. This trend has prompted tour operators to tailor their packages to cater to the individual interests and preferences of customers.
Local special circumstances: Spain, a top tourist destination in Central & Western Europe, has a unique market for package holidays due to its diverse offerings catering to different traveler segments. The country's coastal regions attract sun-seekers looking for beach holidays, while its historic cities appeal to culture and history enthusiasts. This variety in tourism offerings has resulted in a wide range of package holiday options in Spain, from beach resorts to cultural tours. Furthermore, the competitive pricing of package holidays in Italy has made them a popular choice among budget-conscious travelers in the country. Italian tour operators often provide affordable package deals that include accommodation, meals, and activities, making it an attractive option for those looking to explore the country on a budget.
Underlying macroeconomic factors: The stability of the economy in Central & Western Europe plays a significant role in the development of the package holidays market in the region. As disposable incomes rise and consumer confidence remains strong, more people are willing to spend on travel and leisure activities, driving the demand for package holidays. Additionally, the ease of online booking and the availability of competitive deals from tour operators have made package holidays more accessible to a wider audience in the region. This convenience, coupled with the variety of destinations and experiences on offer, continues to fuel the growth of the package holidays market in Central & Western Europe.
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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