Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Uganda, known for its diverse wildlife and stunning landscapes, has been experiencing a notable growth in its Travel & Tourism market.
Customer preferences: Travelers in Uganda are increasingly seeking authentic and immersive experiences, driving the demand for ecotourism and sustainable travel practices. Tourists are drawn to the country's national parks and reserves, where they can witness the incredible biodiversity and engage in activities like gorilla trekking and safari tours.
Trends in the market: One of the prominent trends in the Ugandan Travel & Tourism market is the rise of domestic tourism. More Ugandans are exploring their own country, contributing to the growth of local hospitality businesses and the development of new tourism offerings tailored to domestic travelers. Additionally, there has been an increase in adventure tourism activities, such as white-water rafting on the Nile River, attracting thrill-seekers from around the world.
Local special circumstances: Uganda's strategic location in East Africa has positioned it as a gateway to popular tourist destinations in the region, such as Rwanda, Kenya, and Tanzania. This has led to an influx of transit tourists who spend time in Uganda before continuing their journey to other countries. The country's rich cultural heritage and vibrant urban scene also appeal to travelers looking for a diverse and dynamic travel experience.
Underlying macroeconomic factors: The growing middle class in Uganda, coupled with improving infrastructure and political stability, has contributed to the expansion of the Travel & Tourism market. The government's efforts to promote the sector through marketing campaigns and investment in tourism infrastructure have further boosted the industry's growth. Additionally, the increasing connectivity through improved air and road networks has made Uganda more accessible to international visitors, fueling the demand for travel services and accommodations.
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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