Package Holidays - Vietnam

Vietnam

Highlights

It has been projected that the Package Holidays market in Vietnam will see a considerable increase in revenue in the coming years.
By 2024, the revenue is expected to reach US$1.28bn.
This growth is expected to continue with an annual growth rate of 5.84% from 2024 to 2029.
By 2029, the projected market volume is expected to reach US$1.70bn.
The number of users in the Package Holidays market is also expected to increase significantly.
It is expected to reach 8.21m users by 2029, with a user penetration rate of 6.4% in 2024, which is expected to increase to 8.0% by 2029.
The average revenue per user (ARPU) is also expected to remain high at US$202.00.
Furthermore, it is projected that 73% of the total revenue in the Package Holidays market will be generated through online sales by 2029.
It is interesting to note that in global comparison, China is expected to generate the most revenue in the Package Holidays market.
In 2024, the projected revenue China is expected to be US$49bn.
Vietnam's package holiday market is growing rapidly, driven by the country's stunning natural beauty and rich cultural heritage.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Package Holidays market in Vietnam has been experiencing significant growth in recent years, with an increasing number of Vietnamese opting for packaged holiday deals.

Customer preferences: Vietnamese customers are increasingly drawn to package holidays due to the convenience and cost-effectiveness they offer. With busy lifestyles, customers appreciate the hassle-free nature of package holidays, where everything from flights to accommodation and activities are taken care of in one booking.

Trends in the market: One trend that has been observed in the Package Holidays market in Vietnam is the rise of domestic tourism. Vietnamese travelers are exploring their own country more than ever, leading to an increase in demand for domestic package holidays that showcase the beauty and diversity of Vietnam's regions. Additionally, there is a growing interest in experiential travel, with packages that offer unique cultural experiences and opportunities for authentic interactions with local communities gaining popularity.

Local special circumstances: Vietnam's unique geography and rich cultural heritage make it an attractive destination for both domestic and international travelers. The country's stunning landscapes, vibrant cities, and delicious cuisine appeal to a wide range of tourists, contributing to the growth of the Package Holidays market. Furthermore, the government's efforts to promote tourism and improve infrastructure have made it easier for tour operators to offer a variety of package holiday options to customers.

Underlying macroeconomic factors: The growing middle class in Vietnam, coupled with increasing disposable incomes, has played a significant role in the development of the Package Holidays market. As more Vietnamese have the financial means to travel, the demand for convenient and affordable holiday packages has surged. Additionally, the rise of digital platforms and online booking services has made it easier for customers to research and book package holidays, further driving market growth.

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.