Key regions: United Kingdom, India, Indonesia, Germany, Malaysia
The Package Holidays market in Turkey has been experiencing significant growth and transformation in recent years.
Customer preferences: Travelers in Turkey are increasingly seeking convenience and value for money when planning their vacations. Package holidays offer a hassle-free experience with all-inclusive options that cover accommodation, meals, and activities. This appeals to customers looking for a seamless travel experience without the stress of organizing each aspect individually.
Trends in the market: One notable trend in the Package Holidays market in Turkey is the rise of domestic tourism. Turkish travelers are exploring their own country more than ever, leading to an increased demand for package holidays to popular local destinations. Additionally, there is a growing interest in experiential travel, with packages that include unique cultural experiences and off-the-beaten-path adventures becoming increasingly popular.
Local special circumstances: Turkey's diverse landscape and rich history make it a unique destination for travelers. From stunning beaches along the Mediterranean coast to ancient ruins and bustling bazaars, the country offers a wide range of experiences for tourists. This diversity contributes to the appeal of package holidays, as travelers can easily explore multiple facets of Turkey in a single trip.
Underlying macroeconomic factors: The growth of the Package Holidays market in Turkey can also be attributed to the country's improving economic conditions. As disposable incomes rise and the middle class expands, more Turks have the financial means to travel for leisure. This has led to an increase in domestic tourism as well as outbound travel to international destinations, driving the demand for package holidays. Additionally, the government's efforts to promote tourism and improve infrastructure have further supported the development of the market.
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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