Travel & Tourism - Slovakia | Statista Market Forecast

In Slovakia, the projected revenue for the Travel & Tourism market is set to reach US$1.58bn by the year 2024.
The revenue is expected to display an annual growth rate of 2.44% (CAGR 2024-2029), which will result in a market volume of US$1.78bn by 2029.
Among all the markets, the largest is the Package Holidays market, with a projected market volume of US$791.40m in 2024.
As for the number of users in the Package Holidays, the expected count is 3.30m users by 2029, with user penetration predicted to be 50.1% in 2024 and 62.8% by 2029.
Furthermore, the average revenue per user (ARPU) is expected to be US$552.80.
In terms of online sales, 61% of the total revenue is expected to be generated through this channel by 2029.
It is worth noting that in global comparison, the most revenue in the Travel & Tourism market will be generated United States, with an expected revenue of US$214bn in 2024.
Slovakia's Travel & Tourism market is experiencing a boost in rural tourism due to the country's picturesque landscapes and traditional villages.

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

For further information on the data displayed, refer to the info button right next to each box.

Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

Business trips
Other forms of trips (e.g. excursions, etc.)

Slovakia, a country known for its stunning landscapes and rich cultural heritage, has been experiencing significant growth in its Travel & Tourism market.

Customer preferences: Travelers in Slovakia are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. This shift in preferences has led to a rise in demand for personalized and tailor-made travel experiences that allow visitors to immerse themselves in the local culture.

Trends in the market: One noticeable trend in the Slovakian Travel & Tourism market is the growing popularity of eco-tourism and sustainable travel practices. Travelers are showing a strong preference for environmentally friendly accommodations, activities, and tour operators. This trend aligns with the global movement towards responsible tourism and reflects a growing awareness of the impact of travel on the environment.

Local special circumstances: Slovakia's unique geographical location in the heart of Europe makes it an attractive destination for both leisure and business travelers. The country's diverse offering, including medieval castles, thermal spas, and outdoor adventure opportunities, appeals to a wide range of interests. Additionally, Slovakia's rich history and cultural heritage provide a compelling draw for history buffs and cultural enthusiasts.

Underlying macroeconomic factors: The growth of the Travel & Tourism market in Slovakia can be attributed to several macroeconomic factors, including increasing disposable incomes, improved infrastructure, and government initiatives to promote the tourism sector. As the country continues to invest in its tourism infrastructure and promote its natural and cultural attractions, the Travel & Tourism market is expected to further expand in the coming years.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.