Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Czechia is experiencing a notable growth trajectory, driven by shifting consumer preferences, emerging trends, and local special circumstances unique to the region.
Customer preferences: In Czechia, customers are increasingly seeking convenience and value for money when it comes to holiday packages. The all-inclusive nature of package holidays, which often include flights, accommodation, meals, and activities, appeals to Czech travelers looking for hassle-free and budget-friendly options. Additionally, there is a growing interest in experiential travel among Czech tourists, leading to a rise in demand for package holidays that offer unique cultural experiences and off-the-beaten-path destinations.
Trends in the market: One of the key trends shaping the Package Holidays market in Czechia is the rise of online booking platforms and travel agencies offering customizable package deals. This trend caters to the preferences of modern travelers who seek flexibility and personalized experiences in their holidays. Moreover, sustainability and eco-friendly practices are becoming increasingly important for Czech consumers, influencing their choice of package holidays that prioritize responsible tourism initiatives and green accommodations.
Local special circumstances: Czechia's central location in Europe makes it an attractive hub for exploring neighboring countries, leading to a growing demand for multi-destination package holidays among Czech travelers. The country's rich history, picturesque landscapes, and vibrant cultural scene also contribute to the popularity of domestic package tours that showcase the best of what Czechia has to offer. Additionally, the seasonal variability in tourism flow, with peaks during summer and winter months, influences the types of package holidays available in the market.
Underlying macroeconomic factors: The strong performance of the Czech economy, coupled with increasing disposable incomes and a stable job market, has bolstered consumer confidence and spending on leisure activities like travel. This economic stability provides a favorable environment for the growth of the Package Holidays market in Czechia, as more people are able to afford and prioritize vacations. Furthermore, government initiatives to promote tourism and improve infrastructure have enhanced the overall travel experience in the country, attracting both domestic and international tourists to explore the diverse offerings of the Czech holiday market.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
