Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Sri Lanka is experiencing a significant growth trajectory, attracting a diverse range of travelers from around the globe.
Customer preferences: Travelers visiting Sri Lanka are increasingly seeking authentic cultural experiences, adventure tourism, and eco-friendly accommodations. The demand for personalized travel itineraries and off-the-beaten-path destinations is on the rise, catering to a more experiential and conscious consumer base.
Trends in the market: One of the notable trends in the Sri Lankan travel market is the surge in wellness tourism, with an emphasis on yoga retreats, Ayurvedic treatments, and spa resorts. Additionally, the country is witnessing a rise in luxury travel, with high-end boutique hotels and luxury villas gaining popularity among affluent travelers. The growing trend of sustainable tourism practices and community-based tourism initiatives is also shaping the industry landscape in Sri Lanka.
Local special circumstances: Sri Lanka's unique geographical features, including pristine beaches, lush tea plantations, ancient cultural sites, and diverse wildlife, offer a rich tapestry of experiences for travelers. The country's warm hospitality, rich heritage, and flavorful cuisine further contribute to its appeal as a top tourist destination in South Asia. The recent infrastructure developments and improved connectivity have also made it easier for tourists to explore the island nation.
Underlying macroeconomic factors: The steady economic growth, political stability, and government initiatives to promote tourism have played a crucial role in driving the growth of the travel industry in Sri Lanka. The country's strategic location along major international sea routes and its increasing popularity as a cruise ship destination have further boosted tourist arrivals. Moreover, the investments in tourism infrastructure, such as new hotels, resorts, and transportation facilities, are enhancing the overall travel experience for visitors to Sri Lanka.
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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