Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Turkey's Travel & Tourism market is experiencing significant growth and development, attracting a diverse range of travelers from around the world.
Customer preferences: Travelers in Turkey are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions to explore off-the-beaten-path destinations. This shift in preferences is driving the demand for personalized and immersive travel experiences that allow visitors to connect with the local culture and heritage.
Trends in the market: One notable trend in the Turkish Travel & Tourism market is the rise of sustainable and eco-friendly tourism practices. Travelers are becoming more conscious of their environmental impact and are actively seeking destinations and accommodations that prioritize sustainability. This trend is reflected in the growing number of eco-friendly hotels, tour operators offering responsible travel experiences, and initiatives to protect natural and cultural heritage sites.
Local special circumstances: Turkey's unique geographical location, bridging Europe and Asia, positions it as a crossroads of diverse cultures and civilizations. This cultural richness and historical significance make Turkey a compelling destination for travelers interested in exploring the intersection of East and West. The country's vibrant cities, stunning landscapes, and archaeological sites further contribute to its appeal as a multifaceted travel destination.
Underlying macroeconomic factors: The Turkish Travel & Tourism market is benefiting from strong government support and investment in infrastructure development, aimed at enhancing the overall travel experience for visitors. Improved transportation networks, upgraded accommodation options, and initiatives to promote tourism across different regions of the country are driving growth in the sector. Additionally, economic stability and a favorable exchange rate are making Turkey an attractive destination for international travelers seeking value for their money.
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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