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Lun - Ven, 9:00 - 18:00 h (EST)
Lun - Ven, 9:00 - 17:00 h (SGT)
Lun - Ven, 10:00 - 18:00 h (JST)
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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Saudi Arabia's Travel & Tourism market is experiencing a significant growth trajectory.
Customer preferences: Travelers in Saudi Arabia are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions to more off-the-beaten-path destinations. There is a growing interest in cultural and adventure tourism, as well as wellness and eco-friendly travel options.
Trends in the market: One noticeable trend in the Saudi Arabian Travel & Tourism market is the rise of domestic tourism. With the government investing heavily in developing tourism infrastructure within the country, more Saudis are opting to explore their own backyard. Additionally, the recent relaxation of visa regulations has made it easier for international tourists to visit Saudi Arabia, leading to a surge in inbound tourism.
Local special circumstances: Saudi Arabia's Vision 2030 initiative plays a crucial role in shaping the country's Travel & Tourism market. The government's efforts to diversify the economy and reduce dependence on oil revenue have led to significant investments in the tourism sector. Projects like the Red Sea Development and NEOM are aimed at transforming Saudi Arabia into a top tourist destination, offering unique experiences to visitors.
Underlying macroeconomic factors: The strong economic growth in Saudi Arabia, coupled with a young and tech-savvy population, has contributed to the rapid development of the Travel & Tourism market. Increasing disposable incomes and a growing middle class have fueled the demand for travel experiences both domestically and internationally. Moreover, the government's focus on promoting tourism as a key sector for economic growth has attracted investments from both local and international players, further driving the expansion of the market.
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.Lun - Ven, 9:00 - 18:00 h (EST)
Lun - Ven, 9:00 - 18:00 h (EST)
Lun - Ven, 9:00 - 17:00 h (SGT)
Lun - Ven, 10:00 - 18:00 h (JST)
Lun - Ven, 9:00 - 18:00 h (GMT)
Lun - Ven, 9:00 - 18:00 h (EST)