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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Southern Europe has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Southern Europe are increasingly seeking authentic and immersive experiences, driving the demand for unique cultural and gastronomic activities. They are also placing a strong emphasis on sustainable and responsible tourism practices, favoring eco-friendly accommodations and activities.
Trends in the market: In Spain, the rise of digital platforms and online booking services has revolutionized the tourism industry, making it easier for travelers to plan and book their trips. Italy has seen a surge in experiential travel, with tourists looking to engage in hands-on activities such as cooking classes and vineyard tours. Greece is becoming a popular destination for luxury tourism, attracting high-end travelers with its upscale resorts and exclusive experiences.
Local special circumstances: Southern Europe benefits from its rich cultural heritage, diverse landscapes, and favorable climate, making it a highly attractive destination for tourists from around the world. Countries like Portugal are leveraging their coastal beauty to promote beach tourism, while Croatia is capitalizing on its stunning Adriatic coastline to attract sun-seekers and sailing enthusiasts.
Underlying macroeconomic factors: The economic stability and improved infrastructure in Southern Europe have contributed to the growth of the Travel & Tourism market. The region's strategic location as a gateway between Europe, Africa, and the Middle East has also boosted its connectivity and accessibility, attracting a growing number of international visitors. Additionally, government initiatives to promote tourism and invest in sustainable practices have further stimulated the industry's expansion.
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)