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Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Southern Asia is experiencing a significant growth trajectory driven by changing customer preferences and local special circumstances.
Customer preferences: Customers in Southern Asia are increasingly seeking convenience and hassle-free travel experiences, leading to a rise in demand for package holidays. With busy lifestyles and limited time for trip planning, travelers are opting for pre-arranged itineraries that offer a mix of accommodation, transportation, and activities in a single package. Additionally, all-inclusive packages provide cost savings and certainty in pricing, appealing to budget-conscious travelers in the region.
Trends in the market: In countries like India, Sri Lanka, and the Maldives, the Package Holidays market is witnessing a surge in thematic packages catering to diverse interests such as wellness retreats, adventure sports, cultural exploration, and eco-tourism. Tour operators are customizing packages to offer unique experiences that resonate with the preferences of different customer segments. This trend is fueled by the growing middle-class population with disposable income looking for experiential travel opportunities within the region.
Local special circumstances: Southern Asia's diverse landscape, rich cultural heritage, and warm hospitality make it an attractive destination for package holidays. Countries like Thailand and Indonesia offer a mix of pristine beaches, lush jungles, ancient temples, and vibrant markets, providing a wide array of experiences for travelers. The region's culinary delights, traditional festivals, and colorful markets further enhance the appeal of package holidays, drawing in tourists from around the world.
Underlying macroeconomic factors: The economic growth and stability in Southern Asia have contributed to the expansion of the Package Holidays market. Rising incomes, improved infrastructure, and government initiatives to promote tourism have boosted the overall travel industry in the region. As disposable incomes continue to grow and visa regulations become more lenient, Southern Asia is expected to attract a larger influx of international tourists seeking packaged holiday experiences tailored to their preferences.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)