Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in Western Asia is experiencing a notable shift in consumer preferences and market trends, driven by various factors influencing the region.
Customer preferences: Travelers in Western Asia are increasingly seeking all-inclusive package holidays that offer convenience and value for money. The demand for hassle-free travel experiences, including accommodation, meals, and activities bundled into a single package, is on the rise. Moreover, customers are showing a growing interest in unique and experiential holiday packages that cater to their specific interests and preferences.
Trends in the market: In countries like the United Arab Emirates and Qatar, luxury package holidays are gaining popularity among affluent travelers looking for premium experiences. These packages often include stays at high-end resorts, private tours, and exclusive amenities. On the other hand, destinations like Turkey and Lebanon are seeing a surge in cultural and historical package holidays, attracting tourists interested in exploring rich heritage sites and local traditions.
Local special circumstances: The geopolitical landscape and safety concerns in some Western Asian countries have influenced the package holidays market. As certain destinations become perceived as safer or more stable, there is a noticeable increase in tourist arrivals and demand for holiday packages in those areas. Additionally, the presence of world-class shopping facilities, entertainment venues, and luxury accommodations in cities like Dubai and Doha has positioned these locations as key players in the luxury package holidays segment.
Underlying macroeconomic factors: Economic stability and growth in Western Asia have contributed to the development of the package holidays market. As disposable incomes rise and middle-class populations expand, more people have the financial means to invest in travel experiences. Additionally, government initiatives to promote tourism and improve infrastructure have boosted the attractiveness of the region for both domestic and international tourists. These factors, combined with evolving consumer preferences, are driving the growth and diversification of the package holidays market in Western Asia.
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)
