Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Switzerland, known for its picturesque landscapes, charming cities, and high quality of life, has been experiencing notable developments in its Travel & Tourism market.
Customer preferences: Travelers in Switzerland are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions to explore off-the-beaten-path destinations. There is a growing interest in sustainable and eco-friendly tourism practices, with visitors showing a preference for environmentally conscious accommodations and activities.
Trends in the market: One prominent trend in the Swiss Travel & Tourism market is the rise of adventure tourism. The country's diverse terrain offers opportunities for activities such as hiking, skiing, and paragliding, attracting thrill-seeking travelers from around the world. Additionally, wellness tourism is gaining popularity, with a focus on relaxation, rejuvenation, and holistic well-being.
Local special circumstances: Switzerland's reputation for safety, cleanliness, and efficiency contributes to its appeal as a travel destination. The country's well-developed infrastructure, including an extensive public transportation network and world-class hospitality services, enhances the overall travel experience for visitors. Furthermore, Switzerland's multicultural heritage and vibrant arts scene offer a rich cultural experience for tourists.
Underlying macroeconomic factors: The stability of Switzerland's economy and its strong currency make it an attractive destination for international travelers. The country's high standard of living and quality healthcare system provide a sense of security for tourists, contributing to a positive perception of Switzerland as a safe and reliable travel destination. Additionally, Switzerland's strategic location in the heart of Europe makes it easily accessible for travelers from neighboring countries, further boosting its appeal in the Travel & Tourism market.
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.
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