Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Cambodia has been experiencing significant growth in recent years, attracting a large number of international visitors to explore its rich culture and natural beauty.
Customer preferences: Tourists visiting Cambodia are increasingly seeking authentic cultural experiences, including exploring ancient temples, sampling local cuisine, and interacting with the friendly local population. Many travelers are also drawn to Cambodia's stunning beaches and eco-tourism opportunities, looking to immerse themselves in the country's natural landscapes.
Trends in the market: One notable trend in the Cambodian travel market is the rise of sustainable and responsible tourism practices. Travelers are showing a growing interest in supporting local communities and preserving the environment while enjoying their vacation. This trend has led to the development of eco-friendly accommodations, ethical wildlife tours, and community-based tourism initiatives across the country.
Local special circumstances: Cambodia's unique blend of history, culture, and natural beauty sets it apart as a top travel destination in Southeast Asia. The country's iconic Angkor Wat temple complex, vibrant markets, and warm hospitality of the locals contribute to its appeal among international tourists. Additionally, Cambodia's affordable prices and improving infrastructure make it an attractive option for budget-conscious travelers looking for a memorable experience.
Underlying macroeconomic factors: The growth of the Travel & Tourism market in Cambodia is also influenced by macroeconomic factors such as government initiatives to promote the industry, investment in infrastructure development, and increasing air connectivity with key source markets. As Cambodia continues to focus on diversifying its economy and attracting foreign investment, the tourism sector is expected to play a crucial role in driving economic growth and creating employment opportunities for the local population.
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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