Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Bangladesh has been experiencing significant growth in recent years, attracting both domestic and international travelers.
Customer preferences: Travelers in Bangladesh are increasingly seeking unique and authentic experiences, driving the demand for off-the-beaten-path destinations and cultural immersion. Additionally, there is a growing interest in sustainable and eco-friendly tourism practices among travelers in the country.
Trends in the market: One notable trend in the Bangladeshi travel market is the rise of adventure tourism, with activities such as hiking, trekking, and river rafting gaining popularity. This trend is fueled by the country's diverse natural landscapes, including lush forests, picturesque rivers, and scenic mountains. Moreover, the government's efforts to promote tourism through infrastructure development and marketing campaigns have also contributed to the growth of the sector.
Local special circumstances: Bangladesh's rich cultural heritage and historical landmarks, such as ancient temples, mosques, and archaeological sites, make it a compelling destination for history enthusiasts and cultural tourists. The country's vibrant festivals, traditional arts and crafts, and delicious cuisine further add to its appeal among travelers. Additionally, the warm hospitality of the Bangladeshi people and the affordable cost of travel make it an attractive destination for budget-conscious tourists.
Underlying macroeconomic factors: The steady economic growth in Bangladesh, coupled with rising disposable incomes and improving infrastructure, has led to an increase in domestic travel. Furthermore, the government's focus on promoting tourism as a key sector for economic development has led to investments in tourism infrastructure and initiatives to attract more visitors to the country. As a result, the Travel & Tourism market in Bangladesh is poised for continued growth in the coming years.
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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