Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
Hungary has seen a notable shift in the Package Holidays market in recent years, reflecting changing consumer preferences and local special circumstances.
Customer preferences: Travelers in Hungary are increasingly seeking convenience and value for money when planning their holidays. This has led to a growing demand for package holidays that offer all-inclusive deals, including accommodation, meals, and activities. Customers are also showing a preference for personalized experiences and unique destinations, driving the market towards more niche and specialized offerings.
Trends in the market: One prominent trend in the Hungarian Package Holidays market is the rise of eco-friendly and sustainable travel options. Travelers are becoming more conscious of their environmental impact and are actively seeking packages that promote responsible tourism practices. This trend is in line with global movements towards sustainability and ethical travel choices.
Local special circumstances: Hungary's unique geographical location and cultural heritage play a significant role in shaping the Package Holidays market. The country's rich history, thermal spas, and vibrant cities like Budapest attract a diverse range of tourists, influencing the types of package holidays available. Additionally, Hungary's relative affordability compared to other European destinations makes it an attractive option for budget-conscious travelers, further driving the demand for package deals.
Underlying macroeconomic factors: Economic stability and growth in Hungary have also contributed to the development of the Package Holidays market. As disposable incomes rise and the overall standard of living improves, more Hungarians are able to afford travel packages, boosting the domestic market. Furthermore, government initiatives to promote tourism and infrastructure development have enhanced the country's appeal as a holiday destination, attracting 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)
