Travel & Tourism - Denmark

Denmark

In Denmark, the projected revenue for the Travel & Tourism market in 2024 is estimated to be ₩6,445.00bn.
Moreover, the market is expected to display an annual growth rate (CAGR 2024-2028) of 2.24%, thereby reaching a projected market volume of ₩7,041.00bn by 2028.
The largest market within this market in Denmark is the Package Holidays market, with an estimated market volume of ₩3,422.00bn in 2024.
By 2028, the number of users in the Package Holidays market is expected to reach 3,046.00k users.
Furthermore, the user penetration rate is projected to increase from 87.4% in 2024 to 89.5% by 2028.
The average revenue per user (ARPU) is expected to be ₩1.24m.
In terms of online sales, 81% of the total revenue for the Travel & Tourism market in Denmark is expected to be generated through online channels by 2028.
It is worth noting that in global comparison, United States is projected to generate the most revenue in the Travel & Tourism market with ₩260tn in 2024.
Denmark's sustainable tourism initiatives, such as bike-friendly cities and organic food options, attract environmentally conscious travelers.

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

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Market

Region

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Analyst Opinion

Denmark, known for its picturesque landscapes, historical sites, and vibrant culture, has seen a steady growth in its Travel & Tourism market in recent years.

Customer preferences: Travelers in Denmark are increasingly seeking unique and immersive experiences, moving away from traditional tourist attractions to explore off-the-beaten-path destinations. Sustainable and eco-friendly travel options are also becoming more popular among tourists, aligning with Denmark's reputation as a green and environmentally conscious country.

Trends in the market: One notable trend in the Danish Travel & Tourism market is the rise of "slow tourism," where visitors opt for longer stays in a single destination to truly immerse themselves in the local culture. This trend has led to an increase in demand for authentic experiences, such as farm stays, cultural workshops, and culinary tours. Additionally, the growing popularity of digital nomadism has resulted in an influx of remote workers choosing Denmark as a base for an extended period, further boosting the tourism sector.

Local special circumstances: Denmark's emphasis on design, architecture, and culinary experiences sets it apart as a unique destination for travelers seeking cultural enrichment. The country's efficient public transportation system and extensive network of bike lanes make it easy for tourists to explore both urban centers and rural areas, contributing to the overall appeal of Denmark as a tourist-friendly destination.

Underlying macroeconomic factors: The stable economy and high standard of living in Denmark have made it an attractive destination for both leisure and business travelers. Government initiatives promoting sustainable tourism practices and investments in infrastructure have further supported the growth of the Travel & Tourism market in the country. Additionally, Denmark's strategic location in Northern Europe and its well-connected transportation hubs make it a convenient gateway for travelers exploring the region.

Methodology

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.