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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Southern Asia is experiencing a notable growth trajectory, driven by various factors influencing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Travelers in Southern Asia are increasingly seeking unique and culturally immersive experiences, opting for off-the-beaten-path destinations and authentic local interactions. There is a growing demand for sustainable and eco-friendly tourism practices, with travelers showing a preference for responsible travel options. Additionally, the rise of technology has led to a surge in online bookings and personalized travel experiences tailored to individual preferences.
Trends in the market: In countries like India, the rise of domestic tourism is a significant trend, with more locals exploring different regions within the country. This trend is fueled by increasing disposable incomes, improved infrastructure, and government initiatives promoting domestic travel. In Sri Lanka, there is a growing interest in wellness tourism, with travelers seeking holistic experiences that focus on health and well-being. The Maldives is seeing a rise in luxury tourism, attracting high-end travelers looking for exclusive experiences in private resorts.
Local special circumstances: Countries like Nepal and Bhutan have unique selling points that attract tourists - Nepal is known for its trekking and adventure tourism, while Bhutan offers a high-end, exclusive travel experience with a focus on sustainability and cultural preservation. In the Maldives, the geography of scattered islands has led to a concentration of luxury resorts accessible mainly by seaplanes or boats, creating a niche market for high-end travelers.
Underlying macroeconomic factors: The economic growth in countries like India and Bangladesh has resulted in a burgeoning middle class with higher disposable incomes, leading to increased spending on travel and tourism. Government initiatives to promote tourism, improve infrastructure, and ease visa regulations have also played a significant role in driving the growth of the travel industry in Southern Asia. Additionally, the region's strategic location, rich cultural heritage, and diverse landscapes make it an attractive destination for a wide range of travelers.
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)