Package Holidays - Montenegro | Statista Market Forecast

By 2024, the Package Holidays market in Montenegro is anticipated to record a revenue of US$9.73m.
According to the projections, this market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.12%, resulting in an estimated market volume of US$11.35m by 2029.
Additionally, the number of users is expected to increase to 34.14k users by 2029.
In 2024, the user penetration rate is expected to be 4.9%, and it is projected to reach 5.5% by 2029.
The average revenue per user (ARPU) is expected to be US$316.50 in Montenegro.
Furthermore, it is estimated that by 2029, 75% of the total revenue in the Package Holidays market will be generated through online sales.
In terms of global comparison, it is projected that China will generate the highest revenue of US$49bn in 2024 in the Package Holidays market.
Montenegro's package holiday market is seeing growth in luxury offerings, catering to high-end travelers seeking unique experiences.

Definition:

The Package Holidays market comprises of travel deals booked via online and offline travel agencies (e.g. Opodo, Expedia), directly from a tour operator (e.g. TUI) in a travel agency or by telephone. Package holidays normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.

Additional Information:

The main performance indicators of the Package Holidays market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of travelers. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

For further information on the data displayed, refer to the info button right next to each box.

Contains travel and accommodation, further provisions can be included such as catering and tourist services

Non-packaged travel bookings

The Package Holidays market in Montenegro has been experiencing significant growth in recent years, attracting a diverse range of tourists seeking unique travel experiences in this picturesque destination.

Customer preferences: Travelers in Montenegro are increasingly favoring package holidays due to the convenience and cost-effectiveness they offer. Tourists appreciate the all-inclusive nature of these packages, which often include accommodation, meals, transportation, and guided tours, allowing them to relax and enjoy their vacation without worrying about planning every detail themselves.

Trends in the market: One notable trend in the Montenegro Package Holidays market is the rise of eco-friendly and sustainable travel packages. With the country's stunning natural landscapes and commitment to environmental conservation, tour operators are capitalizing on the growing demand for responsible tourism by offering packages that focus on eco-friendly accommodations, local community engagement, and nature-based activities.

Local special circumstances: Montenegro's unique cultural heritage and diverse attractions, including historic sites, national parks, and pristine beaches, make it an appealing destination for package holidays. The country's strategic location on the Adriatic coast also contributes to its popularity, attracting visitors from neighboring countries and beyond.

Underlying macroeconomic factors: The growth of the Package Holidays market in Montenegro is supported by favorable macroeconomic conditions, including stable economic growth, increasing disposable incomes, and government initiatives to promote tourism. As Montenegro continues to invest in its tourism infrastructure and promote itself as a year-round destination, the demand for package holidays is expected to further increase in the coming years.

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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