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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
In Brazil, the Travel & Tourism market is experiencing significant growth and development.
Customer preferences: Travelers in Brazil are increasingly seeking unique and authentic experiences, driving the demand for ecotourism and cultural tourism. They are looking to explore the diverse landscapes, rich biodiversity, and vibrant culture that Brazil has to offer. Additionally, there is a growing interest in sustainable travel practices, with tourists opting for eco-friendly accommodations and activities.
Trends in the market: One notable trend in the Brazilian Travel & Tourism market is the rise of domestic tourism. With the depreciation of the Brazilian real, many locals are choosing to explore their own country rather than travel abroad, leading to a boost in domestic travel. This trend is further supported by the government's efforts to promote tourism within the country. Another trend is the increasing popularity of adventure tourism, with activities such as hiking, surfing, and wildlife watching gaining traction among both domestic and international travelers.
Local special circumstances: Brazil's vast size and diverse offerings present both opportunities and challenges for the Travel & Tourism market. The country boasts stunning natural attractions like the Amazon rainforest, Iguazu Falls, and pristine beaches, which attract millions of tourists each year. However, infrastructural limitations and safety concerns in certain regions can pose obstacles to further growth. Additionally, Brazil's complex visa requirements and bureaucratic processes can deter potential visitors, impacting the overall competitiveness of the tourism industry.
Underlying macroeconomic factors: The Brazilian Travel & Tourism market is influenced by various macroeconomic factors, including exchange rates, political stability, and economic growth. Fluctuations in the exchange rate can affect the affordability of travel for both domestic and international tourists. Political stability is crucial for maintaining a positive business environment and attracting foreign investment in the tourism sector. Economic growth plays a significant role in driving consumer spending on travel and leisure activities, impacting the overall performance of the market.
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)