Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in MENA has been experiencing significant growth and development in recent years.
Customer preferences: Customers in the MENA region are increasingly seeking convenience and hassle-free travel experiences, leading to a growing demand for package holidays. These all-inclusive offerings provide travelers with a comprehensive solution that includes accommodation, transportation, and activities, catering to their desire for a seamless vacation experience.
Trends in the market: In countries like Egypt, the Package Holidays market is seeing a surge in popularity due to the diverse range of attractions and activities available for tourists. The country's rich history and cultural heritage, combined with its beautiful beaches and resorts, make it an attractive destination for package holidaymakers looking for a mix of relaxation and exploration.
Local special circumstances: Countries like the United Arab Emirates are witnessing a rise in luxury package holidays, catering to affluent travelers looking for exclusive experiences and top-notch amenities. The presence of high-end hotels, luxury shopping destinations, and extravagant entertainment options in cities like Dubai and Abu Dhabi make the UAE a prime location for luxury package holidays in the region.
Underlying macroeconomic factors: The growing middle class in countries like Saudi Arabia is driving the demand for affordable package holidays, as more people have the disposable income to travel and explore new destinations. This increase in spending power, coupled with improved infrastructure and connectivity within the region, is fueling the growth of the Package Holidays market in MENA.
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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