Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Sri Lanka is experiencing a notable growth trajectory in recent years.
Customer preferences: Travelers in Sri Lanka are increasingly seeking convenience and hassle-free vacation experiences, which has led to a rising demand for package holidays. The all-inclusive nature of package holidays appeals to customers looking for a seamless travel experience without the need to plan each aspect of their trip individually.
Trends in the market: One key trend in the Sri Lankan package holidays market is the diversification of offerings to cater to different customer segments. Tour operators are introducing a variety of package options, including family-friendly packages, adventure holidays, cultural tours, and wellness retreats, to meet the evolving preferences of travelers. Additionally, there is a growing interest in sustainable and eco-friendly package holidays, reflecting a global trend towards responsible tourism.
Local special circumstances: Sri Lanka's unique cultural and natural attractions, such as ancient heritage sites, pristine beaches, and lush tea plantations, make it an appealing destination for package holidays. The country's rich history, vibrant festivals, and warm hospitality contribute to its popularity among tourists seeking immersive travel experiences. Furthermore, the availability of diverse accommodation options, ranging from luxury resorts to boutique hotels, enhances the attractiveness of package holidays in Sri Lanka.
Underlying macroeconomic factors: The growth of the package holidays market in Sri Lanka is also supported by favorable macroeconomic factors. Improvements in infrastructure, such as transportation networks and accommodation facilities, have made it easier for tour operators to design and offer a wide range of package holiday options. Additionally, government initiatives to promote tourism and enhance the visitor experience have contributed to the overall development of the travel industry in Sri Lanka.
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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