Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Cyprus, known for its beautiful beaches and rich history, has seen a steady growth in its Travel & Tourism market in recent years.
Customer preferences: Travelers in Cyprus are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore lesser-known destinations. They are also showing a growing interest in sustainable and eco-friendly travel options, supporting local businesses and initiatives that promote responsible tourism.
Trends in the market: One notable trend in the Cyprus Travel & Tourism market is the rise of experiential travel, with travelers looking to immerse themselves in the local culture, cuisine, and traditions. This shift has led to an increase in demand for personalized and off-the-beaten-path experiences, driving growth in niche tourism sectors such as agrotourism and cultural tourism. Additionally, the growing popularity of wellness tourism is evident, with an emphasis on health and relaxation experiences.
Local special circumstances: Cyprus's unique geographical location at the crossroads of Europe, Asia, and Africa gives it a diverse cultural heritage and a wealth of historical sites, making it a compelling destination for travelers seeking enriching experiences. The island's Mediterranean climate, with long summers and mild winters, also contributes to its appeal as a year-round tourist destination.
Underlying macroeconomic factors: The steady economic growth and stability in Cyprus, coupled with government initiatives to promote tourism, have played a significant role in driving the expansion of the Travel & Tourism market. Infrastructure developments, such as new luxury hotels and improved transportation networks, have enhanced the overall tourism experience, attracting a broader range of visitors to the island. Additionally, strategic marketing efforts to promote Cyprus as a premium travel destination have helped boost international arrivals and tourism revenue.
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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