Key regions: Malaysia, Europe, Singapore, Vietnam, United States
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.
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)
