Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Kazakhstan, known for its diverse landscapes ranging from deserts to mountains, has been experiencing a notable growth in its Travel & Tourism market.
Customer preferences: Travelers in Kazakhstan are increasingly seeking authentic and unique experiences, driving the demand for cultural and adventure tourism. Tourists are drawn to the country's rich history, nomadic traditions, and opportunities for outdoor activities such as trekking and horseback riding. Additionally, there is a growing interest in sustainable and eco-friendly tourism practices among visitors.
Trends in the market: One of the prominent trends in the Kazakhstani Travel & Tourism market is the focus on promoting lesser-known destinations within the country. Efforts to develop infrastructure and improve accessibility to these off-the-beaten-path locations are underway to cater to the demand for more exclusive travel experiences. Moreover, the rise of digital platforms and online booking services has made it easier for travelers to plan and customize their trips, contributing to the overall growth of the market.
Local special circumstances: Kazakhstan's strategic location at the crossroads of Asia and Europe positions it as a key player in the regional tourism industry. The country's visa liberalization policies and efforts to enhance tourism infrastructure have attracted a greater number of international visitors in recent years. Furthermore, initiatives to preserve and promote the cultural heritage of Kazakhstan have not only boosted tourism but also contributed to the country's overall image as a unique and vibrant destination.
Underlying macroeconomic factors: The growth of the Travel & Tourism market in Kazakhstan can be attributed to various macroeconomic factors such as increasing disposable incomes, a stable political environment, and government support for the sector. The diversification of the economy, with a focus on developing non-oil sectors including tourism, has also played a significant role in driving the expansion of the market. Additionally, partnerships with international tourism organizations and marketing campaigns to raise awareness about Kazakhstan as a travel destination have further stimulated the growth of the industry.
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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