Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Zambia is experiencing a notable growth trajectory, driven by various factors influencing consumer behavior and market dynamics.
Customer preferences: Travelers in Zambia are increasingly seeking unique and authentic experiences that allow them to immerse themselves in the local culture and natural beauty of the country. This shift towards experiential travel has led to a rising demand for sustainable and eco-friendly tourism options, as visitors look to minimize their impact on the environment and support local communities.
Trends in the market: One prominent trend in the Zambian travel market is the growing popularity of adventure tourism activities, such as safaris, river rafting, and bungee jumping. The country's diverse landscape, including the iconic Victoria Falls and abundant wildlife, makes it an attractive destination for adventure seekers and nature enthusiasts. Additionally, the development of luxury lodges and resorts catering to high-end travelers has contributed to the overall growth of the tourism sector.
Local special circumstances: Zambia's strategic location in the heart of Southern Africa, with easy access to other popular destinations like Botswana, Namibia, and Zimbabwe, has positioned it as a key player in the regional tourism market. The country's political stability and commitment to conservation efforts have also enhanced its appeal among international tourists looking for a safe and environmentally conscious travel destination.
Underlying macroeconomic factors: The government's investment in infrastructure development, including improvements to transportation networks and accommodation facilities, has played a crucial role in boosting the tourism sector. Additionally, the promotion of Zambia's rich cultural heritage and natural attractions through targeted marketing campaigns has helped increase awareness and attract a growing number of visitors to the country. Economic factors such as currency exchange rates and income levels both domestically and internationally also influence the affordability and attractiveness of Zambia as a travel destination.
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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