Key regions: Singapore, India, Indonesia, Germany, Saudi Arabia
The Package Holidays market in North America is experiencing significant growth and evolution driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in North America are increasingly seeking convenience, affordability, and unique experiences when it comes to holiday packages. With busy lifestyles, travelers are looking for all-inclusive options that save time and offer hassle-free planning. Additionally, there is a growing interest in eco-friendly and sustainable travel options, influencing the choice of package holidays.
Trends in the market: In the United States, the Package Holidays market is seeing a rise in demand for personalized and experiential travel packages. Travelers are looking for curated experiences that cater to their specific interests and hobbies, such as culinary tours, adventure trips, or wellness retreats. This trend is driving tour operators and travel agencies to offer more specialized and niche packages to meet the diverse needs of customers.
Local special circumstances: Canada, on the other hand, is witnessing a surge in domestic tourism, leading to an increase in demand for local package holidays. As travelers explore their own country due to travel restrictions and safety concerns, there is a growing market for all-inclusive packages that showcase the natural beauty and cultural attractions of different provinces. This trend is boosting the domestic tourism industry and supporting local businesses.
Underlying macroeconomic factors: The strong economy in North America, coupled with low unemployment rates and disposable income, is fueling the growth of the Package Holidays market. As consumer confidence remains high, more people are willing to invest in travel experiences and holidays, driving the demand for diverse and innovative package offerings. Additionally, favorable exchange rates and competitive pricing are making international travel more accessible and attractive to North American tourists.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of package holidays.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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