Key regions: United Kingdom, India, Indonesia, Germany, Malaysia
The Package Holidays market in Vietnam has been experiencing significant growth in recent years, with an increasing number of Vietnamese opting for packaged holiday deals.
Customer preferences: Vietnamese customers are increasingly drawn to package holidays due to the convenience and cost-effectiveness they offer. With busy lifestyles, customers appreciate the hassle-free nature of package holidays, where everything from flights to accommodation and activities are taken care of in one booking.
Trends in the market: One trend that has been observed in the Package Holidays market in Vietnam is the rise of domestic tourism. Vietnamese travelers are exploring their own country more than ever, leading to an increase in demand for domestic package holidays that showcase the beauty and diversity of Vietnam's regions. Additionally, there is a growing interest in experiential travel, with packages that offer unique cultural experiences and opportunities for authentic interactions with local communities gaining popularity.
Local special circumstances: Vietnam's unique geography and rich cultural heritage make it an attractive destination for both domestic and international travelers. The country's stunning landscapes, vibrant cities, and delicious cuisine appeal to a wide range of tourists, contributing to the growth of the Package Holidays market. Furthermore, the government's efforts to promote tourism and improve infrastructure have made it easier for tour operators to offer a variety of package holiday options to customers.
Underlying macroeconomic factors: The growing middle class in Vietnam, coupled with increasing disposable incomes, has played a significant role in the development of the Package Holidays market. As more Vietnamese have the financial means to travel, the demand for convenient and affordable holiday packages has surged. Additionally, the rise of digital platforms and online booking services has made it easier for customers to research and book package holidays, further driving market growth.
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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