Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in North America is experiencing a significant growth trajectory driven by various factors.
Customer preferences: Travelers in North America are increasingly seeking unique and authentic experiences, leading to a rise in demand for adventure tourism, eco-friendly accommodations, and cultural immersion activities. The shift towards sustainable travel practices is also influencing customer choices, with a growing preference for environmentally responsible tourism options.
Trends in the market: In the United States, the rise of domestic tourism is a notable trend, with travelers exploring their own country more than ever before. This trend is fueled by factors such as convenience, affordability, and a desire to support local businesses. Additionally, the popularity of road trips and outdoor adventures is on the rise, reflecting a preference for off-the-beaten-path experiences.
Local special circumstances: Canada, known for its stunning natural landscapes and diverse cultural offerings, is witnessing a surge in international tourism. The country's welcoming reputation, safety measures, and well-developed tourism infrastructure make it an attractive destination for travelers worldwide. Moreover, Mexico's rich history, vibrant cuisine, and beautiful beaches continue to draw tourists seeking a mix of relaxation and exploration.
Underlying macroeconomic factors: The stable economic conditions in North America, coupled with favorable exchange rates, are contributing to the growth of the Travel & Tourism market in the region. Increasing disposable incomes, low unemployment rates, and government initiatives to promote tourism are further bolstering the industry. Additionally, advancements in technology have made travel planning more accessible and convenient, driving the overall expansion 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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