Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in North Macedonia is experiencing steady growth and evolution, reflecting the changing preferences and behaviors of consumers in the region.
Customer preferences: Travelers in North Macedonia are increasingly seeking convenience and value for money when planning their holidays. The all-inclusive nature of package holidays, which often include accommodation, meals, and activities, appeals to customers looking for a hassle-free and budget-friendly vacation option. Additionally, the desire for unique and authentic experiences is driving demand for tailored package holidays that showcase the cultural heritage and natural beauty of North Macedonia.
Trends in the market: One notable trend in the Package Holidays market in North Macedonia is the rise of eco-friendly and sustainable travel packages. Travelers are becoming more environmentally conscious and are actively seeking holiday options that minimize their carbon footprint and support local communities. As a result, tour operators and travel agencies are developing eco-friendly package holidays that promote responsible tourism practices and highlight the country's eco-friendly initiatives.
Local special circumstances: North Macedonia's unique cultural heritage and diverse landscapes present opportunities for the development of niche package holidays catering to specific interests such as adventure tourism, gastronomic experiences, and wellness retreats. The country's rich history, traditional cuisine, and natural attractions serve as key selling points for tour operators looking to attract international visitors seeking authentic and immersive travel experiences.
Underlying macroeconomic factors: The growth of the Package Holidays market in North Macedonia is also influenced by macroeconomic factors such as increasing disposable incomes, improved infrastructure, and government initiatives to promote tourism. As the country continues to invest in its tourism sector and enhance its overall attractiveness as a travel destination, the demand for package holidays is expected to rise further, driving market expansion and diversification.
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)
