Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Ethiopia has been experiencing significant growth in recent years, driven by various factors that have shaped customer preferences and market trends.
Customer preferences: Ethiopian customers are increasingly seeking convenience and hassle-free travel experiences, which has led to a growing demand for package holidays. With busy lifestyles and limited time for trip planning, many customers prefer the all-inclusive nature of package holidays that take care of accommodation, transportation, and activities in one booking. Additionally, the appeal of exploring new destinations with the guidance of local experts is attracting more customers towards package holidays.
Trends in the market: One of the notable trends in the Package Holidays market in Ethiopia is the rise of domestic tourism packages. As more Ethiopians are looking to explore their own country and support local businesses, tour operators have been introducing diverse domestic holiday packages that showcase the rich cultural heritage and natural beauty of Ethiopia. This trend not only boosts the local tourism industry but also contributes to the overall economic development of the country.
Local special circumstances: Ethiopia's unique selling points, such as its ancient historical sites, vibrant cultural festivals, and breathtaking landscapes, play a crucial role in driving the growth of the Package Holidays market. Tour operators are capitalizing on these special circumstances by designing specialized packages that cater to different interests, whether it's historical tours, adventure holidays, or cultural immersions. This tailored approach resonates well with customers and sets Ethiopia apart as a compelling holiday destination.
Underlying macroeconomic factors: The improving economic conditions in Ethiopia, coupled with rising disposable incomes among the middle-class population, have bolstered the demand for leisure travel, including package holidays. As more Ethiopians have the financial means to travel and explore new experiences, the Package Holidays market is poised for further expansion. Additionally, government initiatives to promote tourism and improve infrastructure have created a conducive environment for the growth of the tourism sector, benefiting package holiday providers in the country.
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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