Package Holidays - Iraq

Iraq

Highlights

The Package Holidays market in Iraq is expected to generate a revenue of US$816.90m by 2024.
Furthermore, the market is projected to grow annually at a rate of 3.60% from 2024 to 2029, resulting in a market volume of US$974.90m by 2029.
The number of users in the Package Holidays market is expected to reach 4.43m users by 2029, with a user penetration of 7.0% in 2024 and a projected growth to 8.6% by 2029.
The average revenue per user (ARPU) is expected to be US$249.50.
Additionally, 76% of the total revenue in the Package Holidays market is expected to come from online sales by 2029.
When compared globally, China is projected to generate the highest revenue of US$49bn in 2024.
Despite ongoing security concerns, there is a growing demand for affordable package holidays among young Iraqi travelers seeking to explore neighboring countries.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Package Holidays market in Iraq has been experiencing notable growth and development in recent years.

Customer preferences: Customers in Iraq are increasingly seeking convenience and hassle-free travel experiences, which has led to a growing demand for package holidays. The all-inclusive nature of package holidays, including accommodation, transportation, and activities, appeals to Iraqi travelers looking for a seamless vacation experience. Additionally, the opportunity to explore multiple destinations within a single trip is a key factor driving the popularity of package holidays among Iraqi tourists.

Trends in the market: One trend shaping the Package Holidays market in Iraq is the rising interest in domestic tourism. As security concerns have eased in certain regions of the country, more Iraqis are opting to explore their own country through organized package holidays. This trend not only boosts the domestic tourism sector but also presents new opportunities for travel agencies and tour operators to cater to this growing market segment. Moreover, the increasing availability of diverse package holiday options, ranging from cultural tours to adventure trips, is attracting a wider range of Iraqi travelers looking for unique and tailored experiences.

Local special circumstances: Iraq's rich cultural heritage and historical sites are significant attractions for both domestic and international tourists. The country's ancient archaeological sites, such as Babylon and Ur, offer unique experiences for travelers interested in history and archaeology. Package holidays that incorporate visits to these cultural landmarks are particularly popular among tourists in Iraq. Furthermore, the country's diverse landscapes, including mountains, deserts, and marshlands, provide ample opportunities for outdoor activities, influencing the development of adventure-focused package holidays in the market.

Underlying macroeconomic factors: The improving economic stability in Iraq is playing a crucial role in the growth of the Package Holidays market. As disposable incomes rise and consumer confidence increases, more Iraqis are willing to allocate a portion of their budget to leisure travel, including package holidays. Additionally, government initiatives to promote tourism and invest in infrastructure development are further supporting the expansion of the travel and tourism sector in Iraq. These macroeconomic factors create a favorable environment for the continued development and diversification of the Package Holidays market 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.