Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Finland is experiencing significant growth and development, driven by various factors influencing consumer behavior and market dynamics.
Customer preferences: Travelers in Finland are increasingly seeking unique and authentic experiences, prioritizing sustainable and eco-friendly options. There is a growing interest in nature-based activities, cultural immersion, and wellness tourism. Additionally, personalized and experiential travel services are gaining popularity among Finnish tourists.
Trends in the market: One prominent trend in the Finnish travel market is the rise of digitalization and technology integration in travel services. Online booking platforms, mobile applications, and virtual reality experiences are enhancing the overall travel experience for customers. Moreover, there is a noticeable shift towards off-the-beaten-path destinations within Finland, promoting domestic tourism and exploration of lesser-known regions.
Local special circumstances: Finland's unique geographical features, such as its pristine forests, thousands of lakes, and the enchanting Northern Lights, make it an attractive destination for nature lovers and adventure seekers. The country's commitment to sustainability and responsible tourism practices further distinguishes it as a desirable travel destination. Additionally, Finland's rich cultural heritage, including traditional saunas, indigenous Sami culture, and design excellence, adds to its appeal for tourists.
Underlying macroeconomic factors: The stable economic environment in Finland, coupled with increasing disposable incomes and a strong focus on promoting tourism by the government, has contributed to the growth of the travel and tourism sector. Infrastructure development, investments in transportation networks, and collaborations with international travel partners have also played a crucial role in positioning Finland as a competitive tourism destination. The country's emphasis on safety, cleanliness, and high-quality services align well with the preferences of discerning travelers, further driving the positive trajectory of the market.
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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