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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Nigeria is experiencing significant growth and development, driven by various factors shaping the industry in the region.
Customer preferences: Travelers in Nigeria are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions to explore off-the-beaten-path destinations within the country. This shift in preferences is fueled by a desire for cultural immersion and a deeper connection with local communities.
Trends in the market: One notable trend in the Nigerian travel market is the rise of domestic tourism. More Nigerians are choosing to explore their own country, leading to a boost in the hospitality sector and the development of new tourism offerings tailored to local tastes. Additionally, there is a growing interest in sustainable and eco-friendly travel practices, with travelers actively seeking environmentally conscious accommodations and activities.
Local special circumstances: Nigeria's diverse cultural heritage and natural landscapes play a significant role in shaping the travel and tourism market. The country's rich history, vibrant music scene, and bustling markets attract a wide range of travelers looking for authentic cultural experiences. Moreover, Nigeria's stunning national parks and wildlife reserves offer opportunities for safari adventures and nature-based tourism.
Underlying macroeconomic factors: The improving economic conditions in Nigeria, coupled with government initiatives to promote tourism, are driving the growth of the travel industry in the country. Investments in infrastructure development, such as the expansion of airports and road networks, are making it easier for both domestic and international tourists to explore Nigeria. Additionally, the government's focus on diversifying the economy is leading to increased support for the tourism sector as a key contributor to economic growth.
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)