Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Amidst its stunning beaches and vibrant culture, Thailand's Travel & Tourism market is experiencing significant growth and development.
Customer preferences: Travelers in Thailand are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. This shift in consumer behavior is driven by a desire for cultural immersion and a more personalized travel experience.
Trends in the market: One notable trend in the Thai Travel & Tourism market is the rise of sustainable and eco-friendly travel practices. With growing global awareness of environmental issues, tourists are gravitating towards eco-conscious accommodations, responsible tour operators, and activities that promote conservation efforts. This trend aligns with the global movement towards sustainable tourism practices.
Local special circumstances: Thailand's unique blend of rich history, diverse landscapes, and warm hospitality sets it apart as a top tourist destination in Southeast Asia. The country's world-renowned cuisine, ancient temples, and bustling markets attract a wide range of travelers, from backpackers seeking adventure to luxury tourists looking for relaxation. Additionally, Thailand's government has been proactive in promoting tourism through strategic marketing campaigns and infrastructure development.
Underlying macroeconomic factors: The growth of Thailand's Travel & Tourism market can be attributed to several macroeconomic factors, including a stable political environment, improving infrastructure, and government initiatives to boost the tourism sector. The country's strong economic performance and increasing disposable income among both domestic and international travelers have also contributed to the market's expansion. Additionally, Thailand's strategic location in the heart of Southeast Asia makes it a convenient hub for travelers exploring the region.
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)
