Travel & Tourism - Sweden | Statista Market Forecast

In 2024, the projected revenue for the Travel & Tourism market in Sweden is US$6.67bn.
By 2029, the market is expected to grow at an annual growth rate of 2.81% (CAGR 2024-2029), resulting in a projected market volume of US$7.66bn.
The largest market in the Swedish Travel & Tourism market is the Hotels market, which is projected to have a market volume of US$3.09bn in 2024.
By 2029, the number of users in Hotels is expected to reach 7.80m users.
User penetration is projected to increase from 90.9% in 2024 to 104.4% by 2029.
The projected average revenue per user (ARPU) is US$687.20.
By 2029, online sales are expected to generate 83% of the total revenue in the Swedish Travel & Tourism market.
In global comparison, United States is projected to generate the most revenue in the Travel & Tourism market, with US$214bn in 2024.
Sweden's travel and tourism industry is experiencing a rise in sustainable tourism, particularly with a focus on eco-friendly accommodations and activities.

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.)

Sweden's Travel & Tourism market is experiencing significant growth and development, driven by various factors shaping consumer preferences, industry trends, and unique local circumstances.

Customer preferences: Travelers in Sweden are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions towards more off-the-beaten-path destinations. There is a growing demand for sustainable and eco-friendly travel options, with tourists showing a preference for environmentally conscious practices and accommodations.

Trends in the market: One notable trend in the Swedish Travel & Tourism market is the rise of digital platforms and technology shaping the way travelers plan and experience their trips. Online booking platforms, travel apps, and social media influencers play a significant role in influencing travel decisions and shaping consumer behavior. Additionally, there is a growing interest in adventure tourism and outdoor activities, with Sweden's natural landscapes and outdoor offerings attracting a new segment of travelers.

Local special circumstances: Sweden's unique geographical features, including its vast forests, picturesque lakes, and the opportunity to experience the midnight sun in the summer months, make it a desirable destination for nature lovers and outdoor enthusiasts. The country's strong focus on sustainability and innovation also sets it apart, with initiatives promoting responsible tourism practices and eco-friendly accommodations.

Underlying macroeconomic factors: The overall economic stability and high standard of living in Sweden contribute to the growth of the Travel & Tourism market. Increasing disposable incomes and a culture that values work-life balance encourage Swedes to travel both domestically and internationally. Additionally, government support for the tourism industry through infrastructure development and promotion of cultural heritage sites further boosts the sector's growth.

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.