Travel & Tourism - Germany

  • Germany
  • In Germany, the Travel & Tourism market is expected to witness a rise in revenue, with projections indicating US$67.57bn in 2024.
  • The market is expected to grow annually at a rate of 0.93% between 2024 and 2028, culminating in a market volume of US$70.11bn in 2028.
  • The Package Holidays market is the largest in this industry and is projected to generate revenue worth US$41.35bn in 2024.
  • By 2028, the number of users in the Package Holidays market is expected to reach 38.57m users.
  • The user penetration rate is projected to rise from 78.3% in 2024 to 80.4% by 2028.
  • The average revenue per user (ARPU) is expected to be US$1.04k.
  • The online sales channel is also set to play a significant role in the Travel & Tourism market, with projections indicating that 82% of total revenue will be generated online by 2028.
  • It is worth noting that in global comparison, United States is expected to generate the highest revenue in this market, with projections indicating US$199bn in 2024.
  • Germany's tourism industry is shifting towards sustainable and eco-friendly options, with an emphasis on nature and wellness experiences.

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

 
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Analyst Opinion

Germany's Travel & Tourism market has been experiencing significant growth and development in recent years.

Customer preferences:
Travelers in Germany are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore lesser-known destinations. There is a growing demand for sustainable and eco-friendly travel options, with travelers showing a preference for accommodations and activities that prioritize environmental conservation.

Trends in the market:
One notable trend in the German Travel & Tourism market is the rise of experiential travel, where travelers prioritize experiences and activities that allow them to immerse themselves in the local culture. This trend has led to an increase in demand for personalized and off-the-beaten-path experiences, driving growth in niche tourism segments such as cultural tours, culinary experiences, and adventure travel.

Local special circumstances:
Germany's central location in Europe makes it a hub for international travel, attracting visitors from neighboring countries as well as overseas. The country's well-developed infrastructure, including efficient public transportation and a wide range of accommodation options, makes it a convenient and accessible destination for travelers. Additionally, Germany's rich history, diverse culture, and picturesque landscapes contribute to its appeal as a travel destination.

Underlying macroeconomic factors:
The strong performance of the German economy, characterized by low unemployment rates and robust consumer confidence, has contributed to the growth of the Travel & Tourism market. Disposable incomes have been on the rise, enabling more Germans to travel both domestically and internationally. Additionally, government initiatives to promote tourism, investments in infrastructure, and a focus on sustainability have further fueled the expansion of the market.

Methodology

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.

Overview

  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • Travel Behavior
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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