Key regions: Germany, China, Saudi Arabia, Malaysia, Thailand
The Flights market in Latvia has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.
Customer preferences: Latvian customers have shown a growing preference for international travel, with a particular interest in exploring new destinations and experiencing different cultures. This has led to an increase in demand for flights to popular tourist destinations in Europe and beyond. Additionally, customers are increasingly looking for convenience and flexibility when it comes to booking flights, with a preference for online booking platforms that offer competitive prices and a wide range of options.
Trends in the market: One of the key trends in the Flights market in Latvia is the rise of low-cost carriers. These airlines offer affordable fares and have expanded their routes to include several popular destinations in Europe. The availability of budget airlines has made air travel more accessible to a wider range of customers, leading to an increase in overall passenger numbers. Additionally, there has been a shift towards shorter trips and weekend getaways, with customers opting for multiple shorter flights rather than a single long-haul journey.
Local special circumstances: Latvia's geographical location and its membership in the European Union have contributed to the growth of the Flights market. The country serves as a gateway to the Baltic region, attracting both leisure and business travelers. The presence of several international airports, such as Riga International Airport, ensures good connectivity to major cities in Europe and beyond. Furthermore, the government has implemented policies to promote tourism, including visa facilitation measures and the development of infrastructure.
Underlying macroeconomic factors: The growth of the Flights market in Latvia is also influenced by underlying macroeconomic factors. The country's economy has been steadily growing, leading to an increase in disposable income and a higher propensity to travel. Additionally, the rise of the middle class and an increase in tourism from emerging markets have contributed to the growth of the market. Furthermore, the competitive nature of the Flights market, with airlines offering attractive fares and promotions, has also played a role in driving demand. In conclusion, the Flights market in Latvia has experienced significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The rise of low-cost carriers, the preference for international travel, and the country's geographical location have all contributed to the growth of the market. With the continued development of the tourism industry and the increasing connectivity to major destinations, the Flights market in Latvia is expected to continue its upward trajectory in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of flights.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, third-party studies and reports, federal statistical offices, industry associations, and price data. 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 demographic data, GDP, consumer spending, internet penetration, and device usage. 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, the S-curve function and exponential trend smoothing methods are applied.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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