Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
South Korea has seen a notable surge in the Package Holidays market, with an increasing number of travelers opting for all-inclusive vacation packages rather than planning individual components of their trips.
Customer preferences: Travelers in South Korea are increasingly valuing convenience and hassle-free experiences when it comes to planning their holidays. Package Holidays offer a one-stop solution for flights, accommodation, and activities, saving time and effort for busy individuals or families. Moreover, the peace of mind that comes with having everything arranged in advance is a significant draw for many customers.
Trends in the market: One prominent trend in the South Korean Package Holidays market is the rise of personalized and tailored packages. Travel agencies and tour operators are now offering more customizable options to cater to diverse preferences and interests of travelers. This trend is particularly appealing to the younger generation of travelers who seek unique experiences and adventures during their holidays.
Local special circumstances: South Korea's geographical location as a peninsula surrounded by water has contributed to the popularity of beach destinations among South Korean travelers. Package Holidays to tropical locations with pristine beaches and water activities are in high demand, especially during the summer months. Additionally, the growing trend of wellness tourism has led to an increase in packages that include spa retreats, yoga classes, and healthy cuisine options.
Underlying macroeconomic factors: The strong economic growth in South Korea has resulted in an expanding middle class with higher disposable income, enabling more people to afford Package Holidays. Additionally, the government's efforts to promote tourism and improve infrastructure have made travel more accessible and appealing to the general population. The increasing connectivity through direct flights to various destinations has also boosted the demand for Package Holidays among South Korean travelers.
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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