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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Americas is experiencing dynamic growth and evolution, driven by various factors shaping the industry in different countries across the region.
Customer preferences: Travelers in the Americas are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. This shift in preferences has led to the rise of adventure tourism, cultural exchanges, and eco-friendly travel options. Additionally, the demand for personalized and customized travel experiences is on the rise, with travelers looking for tailor-made itineraries that cater to their specific interests and preferences.
Trends in the market: In Brazil, the Travel & Tourism market is seeing a surge in domestic tourism, driven by the country's diverse natural landscapes and rich cultural heritage. With more Brazilians opting to explore their own country, there is a growing demand for sustainable tourism practices and community-based tourism initiatives. The rise of digital platforms and online travel agencies has also made it easier for travelers to discover and book unique experiences in Brazil.
Local special circumstances: Mexico, as one of the top tourist destinations in the Americas, is experiencing a transformation in its Travel & Tourism market. The country's vibrant culture, ancient ruins, and pristine beaches continue to attract millions of visitors each year. However, safety concerns and political instability in certain regions have impacted the industry. To combat this, the Mexican government has been investing in infrastructure development and implementing safety measures to ensure the well-being of tourists.
Underlying macroeconomic factors: The United States remains a key player in the Travel & Tourism market in the Americas, with a strong economy driving both domestic and international tourism. The country's diverse attractions, ranging from bustling cities to natural wonders, appeal to a wide range of travelers. The depreciation of the US dollar has also made it more affordable for international tourists to visit the US, contributing to the growth of the tourism sector. Additionally, the increasing trend of bleisure travel, combining business trips with leisure activities, is shaping the way travelers experience the US.
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.Lu - vi, 9:30 - 17:00 h (CET)
Lu - vi, 9:00 - 18:00 h (EST)
Lu - vi, 9:00 - 17:00 h (SGT)
Lu - vi, 10:00 - 18:00 h (JST)
Lu - vi, 9:30 - 17:00 h (GMT)
Lu - vi, 9:00am-6:00pm (EST)