Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Taiwan's Travel & Tourism market is experiencing notable growth and evolution in recent years.
Customer preferences: Travelers in Taiwan are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions to explore off-the-beaten-path destinations. There is a rising interest in eco-tourism, cultural immersion, and gastronomic experiences among tourists in Taiwan. Additionally, there is a growing preference for personalized and tailor-made travel itineraries to suit individual interests and preferences.
Trends in the market: One significant trend in Taiwan's Travel & Tourism market is the increasing popularity of domestic travel. With the rise of local tourism campaigns and the promotion of hidden gems within the country, more Taiwanese residents are opting to explore their own backyard. This trend has been further accelerated by global travel restrictions, pushing travelers to discover the beauty and diversity of Taiwan. Furthermore, there is a noticeable shift towards sustainable and responsible travel practices, with a focus on conservation and environmental protection.
Local special circumstances: Taiwan's unique geographical features, such as its stunning landscapes, vibrant culture, and delicious cuisine, contribute to its appeal as a travel destination. The island's convenient transportation network, including high-speed trains and extensive bus services, makes it easy for tourists to navigate the country. Taiwan's rich history, bustling night markets, and friendly locals also add to the overall charm and allure of the destination.
Underlying macroeconomic factors: The government's efforts to promote tourism, improve infrastructure, and enhance the overall visitor experience have played a significant role in driving the growth of Taiwan's Travel & Tourism market. Additionally, the country's stable political environment, advanced healthcare system, and safety record make it an attractive destination for both domestic and international travelers. The increasing disposable income of Taiwanese residents, coupled with a growing middle class, has also contributed to the expansion of the tourism sector in Taiwan.
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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