Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Over the past few years, Malaysia has seen a steady growth in its Travel & Tourism market, attracting visitors from around the world to experience its unique culture and natural beauty.
Customer preferences: Travelers visiting Malaysia are increasingly looking for authentic cultural experiences, eco-friendly tourism options, and opportunities to engage with local communities. Many tourists are seeking off-the-beaten-path destinations, immersive activities, and culinary experiences to truly connect with the destination.
Trends in the market: One notable trend in the Malaysian Travel & Tourism market is the rise of sustainable tourism practices. With increasing awareness of environmental issues, travelers are actively seeking eco-friendly accommodations, responsible tour operators, and activities that promote conservation efforts. This trend has led to the development of eco-resorts, wildlife conservation projects, and community-based tourism initiatives across the country.
Local special circumstances: Malaysia's diverse cultural heritage and stunning natural landscapes set it apart as a unique travel destination. From the bustling streets of Kuala Lumpur to the pristine beaches of Langkawi and the lush rainforests of Borneo, the country offers a wide range of experiences for every type of traveler. Additionally, Malaysia's rich culinary scene, influenced by Malay, Chinese, and Indian flavors, is a major draw for food enthusiasts.
Underlying macroeconomic factors: The Malaysian government's efforts to promote tourism as a key economic driver have significantly contributed to the growth of the Travel & Tourism market. Investments in infrastructure development, marketing campaigns, and visa facilitation have helped attract more international visitors to the country. Additionally, the country's stable political environment, diverse tourism offerings, and strategic location in Southeast Asia have made it a popular choice for travelers looking to explore the region.
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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