Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in United States has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in the United States are increasingly seeking unique and authentic experiences, driving the demand for personalized and tailored travel packages. Additionally, there is a growing interest in sustainable and eco-friendly tourism practices among consumers.
Trends in the market: One prominent trend in the United States travel market is the rise of experiential travel, where travelers prioritize activities and interactions that allow them to immerse themselves in the local culture. Furthermore, the use of technology, such as mobile apps for booking accommodations and experiences, has become increasingly popular among travelers in the country.
Local special circumstances: The United States boasts a diverse range of attractions and destinations, from vibrant cities to picturesque natural landscapes, catering to a wide variety of traveler preferences. Additionally, the country's well-developed infrastructure and transportation networks make it easily accessible for both domestic and international tourists.
Underlying macroeconomic factors: The strong economy in the United States has contributed to the growth of the Travel & Tourism market, as consumers have more disposable income to spend on leisure activities. Additionally, favorable government policies and initiatives to promote tourism have further supported the expansion of the market in the country.
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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