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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Portugal, known for its rich history, stunning beaches, and vibrant culture, has seen a significant growth in its Travel & Tourism market in recent years.
Customer preferences: Tourists visiting Portugal are increasingly seeking authentic experiences, such as exploring historic sites, indulging in local cuisine, and immersing themselves in the country's unique traditions. Additionally, there is a growing interest in sustainable travel practices, with visitors opting for eco-friendly accommodations and activities that support the local community.
Trends in the market: One notable trend in the Portuguese Travel & Tourism market is the rise of digital platforms and online booking services, making it easier for travelers to plan their trips and discover hidden gems in the country. Moreover, the government's efforts to promote Portugal as a year-round destination have led to an increase in off-peak season travel, boosting tourism revenue throughout the year.
Local special circumstances: Portugal's strategic location on the Iberian Peninsula, combined with its diverse landscapes ranging from lush vineyards to rugged coastlines, offers a wide range of attractions for tourists. The country's warm climate, affordable prices, and welcoming atmosphere make it a popular choice for travelers looking for a relaxing getaway or an adventure-filled vacation.
Underlying macroeconomic factors: The stability of Portugal's economy, coupled with investments in infrastructure and transportation, has contributed to the growth of the Travel & Tourism market. Additionally, government initiatives to streamline visa processes and improve tourist safety have enhanced Portugal's reputation as a top destination in Europe.
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)