Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Mexico has been experiencing a notable growth trajectory in recent years.
Customer preferences: Travelers in Mexico are increasingly seeking convenience and hassle-free experiences when planning their vacations. Package holidays offer a one-stop solution for flights, accommodation, and activities, catering to the preferences of busy individuals and families looking for seamless travel arrangements.
Trends in the market: One prominent trend in the Mexican Package Holidays market is the rise of all-inclusive resorts in popular tourist destinations. These resorts provide a comprehensive experience for travelers, including meals, drinks, and entertainment, appealing to those looking for a worry-free vacation. Additionally, themed package holidays such as eco-tourism, cultural immersion, and wellness retreats are gaining popularity among Mexican travelers seeking unique and enriching experiences.
Local special circumstances: Mexico's diverse landscape and rich cultural heritage make it a prime destination for a wide range of package holiday offerings. From relaxing beach getaways along the Riviera Maya to adventurous tours of ancient ruins like Chichen Itza, Mexico's varied attractions cater to different traveler preferences. The country's vibrant festivals, delicious cuisine, and warm hospitality further enhance the appeal of package holidays in Mexico.
Underlying macroeconomic factors: The growth of the Package Holidays market in Mexico can also be attributed to the country's improving economic conditions and increasing disposable income levels. As more Mexicans have the financial means to travel, the demand for convenient and value-for-money package holidays is on the rise. Additionally, the government's efforts to promote tourism and infrastructure development have further fueled the expansion of the 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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