Key regions: United Kingdom, India, Indonesia, Germany, Malaysia
The Package Holidays market in India has been experiencing significant growth and development in recent years.
Customer preferences: Customers in India are increasingly seeking convenience and hassle-free travel experiences, leading to a growing demand for package holidays. The all-inclusive nature of package holidays, which typically include flights, accommodation, meals, and activities, appeals to Indian travelers looking for a seamless vacation experience. Additionally, package holidays often offer good value for money, making them an attractive option for budget-conscious travelers.
Trends in the market: One notable trend in the Indian package holidays market is the rise of domestic tourism. As more Indians explore and discover the diverse attractions within their own country, domestic tour packages have become increasingly popular. This trend is driven by a growing middle-class population with disposable income, as well as improved infrastructure and connectivity within India. Another trend shaping the package holidays market in India is the increasing popularity of experiential travel. Travelers are now seeking unique and authentic experiences that allow them to immerse themselves in the local culture and lifestyle. Package holidays that offer activities such as cooking classes, cultural tours, and homestays are gaining traction among Indian consumers.
Local special circumstances: India's rich cultural heritage, diverse landscapes, and vibrant festivals make it a unique and attractive destination for both domestic and international travelers. The country's mix of bustling cities, tranquil beaches, majestic mountains, and historical sites provides a wide range of options for package holiday offerings. Additionally, India's cuisine, art, and traditional practices add to the appeal of package holidays for travelers looking to explore the country's unique identity.
Underlying macroeconomic factors: The growth of the Indian economy, rising disposable incomes, and a burgeoning middle-class population have all contributed to the expansion of the package holidays market in India. As more Indians have the financial means to travel, the demand for convenient and affordable holiday packages is expected to continue rising. Furthermore, government initiatives to promote tourism and improve infrastructure have further fueled the growth of the travel and tourism industry in India.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of package holidays.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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