Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Costa Rica, known for its stunning natural beauty and rich biodiversity, has seen a steady growth in its Travel & Tourism market in recent years.
Customer preferences: Travelers to Costa Rica are increasingly seeking authentic and immersive experiences, opting for sustainable and eco-friendly accommodations and activities that allow them to connect with nature. They are also showing a growing interest in adventure tourism, such as zip-lining, surfing, and hiking in the country's lush rainforests and pristine beaches.
Trends in the market: One notable trend in the Costa Rican Travel & Tourism market is the rise of wellness tourism, with a focus on yoga retreats, spa resorts, and wellness centers. This trend aligns with the global shift towards health and wellness travel experiences. Additionally, the country has been investing in infrastructure development to improve accessibility to remote eco-tourism destinations, attracting more visitors looking to explore off-the-beaten-path locations.
Local special circumstances: Costa Rica's commitment to environmental conservation and sustainable tourism practices sets it apart as a leading eco-tourism destination. The country's extensive national parks, protected areas, and eco-lodges cater to travelers seeking responsible and eco-conscious travel experiences. This emphasis on sustainability has not only attracted environmentally conscious tourists but has also positioned Costa Rica as a model for sustainable tourism development globally.
Underlying macroeconomic factors: The stable political environment and government support for the tourism industry have been instrumental in driving the growth of the Travel & Tourism market in Costa Rica. Additionally, the country's strategic marketing efforts to promote its natural attractions and eco-tourism offerings have helped increase international visitation. The influx of tourists has contributed significantly to the country's economic growth, creating employment opportunities and fostering socio-economic development in local communities.
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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