Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
Guatemala, known for its rich culture and stunning landscapes, has seen a notable development in the Package Holidays market.
Customer preferences: Travelers in Guatemala are increasingly seeking convenience and value for money when planning their holidays. With busy lifestyles, many individuals prefer the ease of booking a package holiday that includes flights, accommodations, and activities all in one. This trend aligns with the global shift towards experiential travel, where tourists look for unique experiences that create lasting memories.
Trends in the market: In Guatemala, there has been a rise in demand for eco-friendly and sustainable package holidays. Travelers are showing a growing interest in exploring the country's natural wonders while minimizing their environmental impact. As a result, tour operators are offering more eco-conscious options such as stays in eco-lodges, guided tours focused on conservation efforts, and activities that promote responsible tourism.
Local special circumstances: Guatemala's diverse cultural heritage and historical sites make it a unique destination for package holidays. Tourists are drawn to the country's ancient Mayan ruins, colonial architecture, and vibrant indigenous markets. This cultural richness has led to the development of specialized cultural and historical package tours that cater to travelers interested in learning about Guatemala's heritage.
Underlying macroeconomic factors: The growing middle class in Guatemala has contributed to the expansion of the Package Holidays market. As disposable incomes rise, more Guatemalans are able to afford travel packages, fueling domestic tourism. Additionally, government initiatives to promote tourism and improve infrastructure have made it easier for tour operators to offer a wider range of package holiday options to both domestic and international travelers.
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)
