Package Holidays - Belgium

  • Belgium
  • Belgium is expected to generate a revenue of US$3.70bn in the Package Holidays market by 2024.
  • The revenue is expected to have an annual growth rate (CAGR 2024-2028) of 2.79%, resulting in a projected market volume of US$4.13bn by 2028.
  • The number of users in this market is expected to amount to 3.09m users by 2028, with a user penetration of 25.5% in 2024, which is expected to increase to 26.2% by 2028.
  • The average revenue per user (ARPU) is projected to be US$1.24k.
  • It is expected that 76% of total revenue will be generated through online sales by 2028.
  • In global comparison, China is expected to generate the most revenue in this market with a projected revenue of US$59,860m in 2024.
  • Belgians tend to opt for all-inclusive package holidays to sunny destinations such as Spain and Greece.

Key regions: Europe, Saudi Arabia, India, Malaysia, Indonesia

 
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Analyst Opinion

Package Holidays is the second largest of the Travel & Tourism market. The relatively large market size is due to comparably high prices of all services included, like travel and full accommodation, in contrast to the other Travel & Tourism markets. Package Holidays are typically booked when going on vacation for a longer time having a destination far away from home.

Methodology

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.

Overview

  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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