Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Panama's Travel & Tourism market is experiencing a notable growth trajectory, driven by various factors that are shaping the industry landscape in the country.
Customer preferences: Travelers in Panama are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. This shift in preferences is driving the demand for personalized and immersive travel experiences, including eco-tourism adventures and cultural exchanges with local communities.
Trends in the market: One prominent trend in Panama's Travel & Tourism market is the rise of sustainable tourism practices. With a growing awareness of environmental issues, travelers are actively seeking eco-friendly accommodations, responsible tour operators, and conservation initiatives. This trend is not only driven by consumer preferences but also by government initiatives to promote sustainable tourism in the country.
Local special circumstances: Panama's unique geographical position as the land bridge connecting North and South America makes it a natural hub for international travelers. The country's diverse ecosystems, including rainforests, beaches, and coral reefs, offer a wide range of attractions for nature lovers and adventure seekers. Additionally, Panama's rich cultural heritage, with influences from indigenous tribes, Spanish colonizers, and Afro-Caribbean communities, provides a unique blend of traditions and customs for tourists to explore.
Underlying macroeconomic factors: The growth of Panama's Travel & Tourism market is closely linked to the country's overall economic development. As Panama continues to invest in infrastructure projects, such as airport expansions and road improvements, the tourism industry benefits from increased accessibility and connectivity. Moreover, government efforts to promote Panama as a key travel destination through marketing campaigns and international partnerships are driving visitor numbers and boosting the local economy.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.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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