Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Eastern Europe is experiencing a surge in popularity, driven by changing customer preferences and local special circumstances.
Customer preferences: Customers in Eastern Europe are increasingly seeking convenience and hassle-free travel experiences, leading to a growing demand for package holidays. The all-inclusive nature of these holidays, which typically include accommodation, meals, and activities, appeals to busy professionals and families looking to maximize their vacation time without the stress of planning every detail.
Trends in the market: One notable trend in the Eastern European package holidays market is the rise of domestic tourism. As travelers seek to explore their own countries or nearby destinations, tour operators are expanding their offerings to include more local experiences and off-the-beaten-path destinations. This trend is also influenced by a growing appreciation for sustainable travel practices and supporting local economies.
Local special circumstances: Eastern Europe's diverse landscape and rich cultural heritage make it an attractive destination for package holidays. From the picturesque coastlines of Croatia to the historic cities of Poland and the charming villages of Romania, the region offers a wide variety of experiences for travelers. Additionally, the relatively lower cost of travel in Eastern Europe compared to Western Europe makes it an appealing option for budget-conscious tourists.
Underlying macroeconomic factors: The improving economic conditions in many Eastern European countries have contributed to the growth of the package holidays market. As disposable incomes rise and consumer confidence increases, more people are willing to spend on leisure travel. Furthermore, the development of infrastructure and transportation networks in the region has made it easier for tourists to access different destinations, fueling the demand for package holidays.
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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