Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Eastern Asia has been experiencing significant growth and evolution in recent years.
Customer preferences: Customers in Eastern Asia are increasingly seeking unique and personalized travel experiences, moving away from traditional package holidays towards more customized options. They value convenience, affordability, and the opportunity to explore diverse destinations within the region.
Trends in the market: In Japan, there is a rising trend of solo travelers opting for package holidays that cater to individual needs, reflecting a shift towards independent travel. South Korea is witnessing a surge in demand for eco-friendly and sustainable holiday packages, aligning with the growing global awareness of environmental issues. In China, luxury package holidays are gaining popularity among affluent travelers looking for exclusive and high-end experiences.
Local special circumstances: Eastern Asia's diverse landscape and rich cultural heritage offer a wide range of attractions for both domestic and international tourists. Countries like Japan, South Korea, and China have been investing in infrastructure development and promoting tourism initiatives to attract more visitors. The increasing disposable income of the middle-class population in these countries has also contributed to the growth of the package holidays market.
Underlying macroeconomic factors: The economic prosperity and stability in Eastern Asia have fueled the growth of the travel and tourism industry, making it a key driver of the region's economy. Government support and initiatives to boost the tourism sector, coupled with advancements in technology and digital platforms, have made it easier for travelers to book package holidays and explore new destinations. The rise of social media influencers and digital marketing strategies has also played a significant role in shaping consumer behavior and driving demand for unique travel experiences in the region.
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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