Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Latvia has been experiencing significant growth and development in recent years.
Customer preferences: Latvian consumers are increasingly seeking convenience and value for money when it comes to their holiday choices. The all-inclusive nature of package holidays appeals to many, as it simplifies the planning process and offers a hassle-free travel experience. Additionally, the opportunity to explore new destinations and cultures within a fixed budget is a key driver for choosing package holidays.
Trends in the market: One noticeable trend in the Latvian Package Holidays market is the rise of personalized and experiential travel packages. Travelers are looking for unique and tailored experiences that go beyond traditional sightseeing tours. This shift towards more customized offerings is driving competition among tour operators to create innovative and engaging holiday packages that cater to the diverse preferences of Latvian travelers.
Local special circumstances: Latvia's strategic location in the Baltic region makes it an attractive starting point for exploring neighboring countries such as Estonia and Lithuania. This geographical advantage has led to an increase in demand for multi-destination package holidays, allowing travelers to experience the cultural richness of the entire Baltic region in a single trip. Furthermore, Latvia's diverse landscape, which includes pristine beaches, historic cities, and picturesque countryside, offers a wide range of options for holidaymakers seeking varied experiences within a relatively small area.
Underlying macroeconomic factors: The growing disposable income levels in Latvia have played a significant role in driving the expansion of the Package Holidays market. As more Latvian households have the financial means to invest in leisure travel, the demand for affordable yet high-quality holiday packages has increased. Additionally, the stability of the Latvian economy and the strengthening of the tourism infrastructure in the country have further supported the growth of the Package Holidays market.
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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Mon - Fri, 9am - 6pm (EST)
