Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Nordics has been experiencing a notable growth in recent years, with an increasing number of travelers opting for pre-packaged holiday deals rather than planning individual components separately.
Customer preferences: Travelers in the Nordics are increasingly valuing convenience and hassle-free experiences when planning their holidays. Package holidays offer a one-stop solution for flights, accommodation, and sometimes even activities, catering to the preferences of customers who seek a seamless travel experience without the need to coordinate multiple bookings.
Trends in the market: In the Nordic countries, there is a growing trend towards sustainable and eco-friendly travel practices. Package holiday providers are responding to this trend by offering environmentally conscious options, such as eco-friendly accommodations and carbon offset programs. Additionally, there is a rising demand for unique and personalized experiences among Nordic travelers, leading to an increase in themed package holidays catering to specific interests such as wellness retreats or adventure sports.
Local special circumstances: The geographical location of the Nordics, with its stunning natural landscapes and seasonal attractions, plays a significant role in shaping the package holiday market in the region. Travelers are drawn to the Northern Lights in winter, the midnight sun in summer, and the picturesque fjords year-round. Package holidays in the Nordics often highlight these natural wonders, offering tailored experiences to showcase the unique beauty of each season.
Underlying macroeconomic factors: The stable economies and high standards of living in the Nordic countries contribute to the growth of the package holidays market. With disposable incomes on the rise, more residents in the region are able to afford travel packages that offer convenience and value for money. Additionally, the strong emphasis on work-life balance in the Nordics encourages people to take regular vacations, further driving the demand for package holidays as a stress-free travel option.
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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