Travel & Tourism - Romania

Romania

In Romania, the revenue of the Travel & Tourism market is projected to reach US$2,588.00m by 2024.
The market is expected to show an annual growth rate of 3.27% between 2024-2028, resulting in a projected market volume of US$2,943.00m by 2028.
The largest market in the market is the Package Holidays market with a projected market volume of US$1,364.00m in 2024.
The number of users in the Package Holidays market is expected to amount to 4,457.00k users by 2028.
User penetration is projected to hit 33.6% by 2028, while it is expected to be 30.8% in 2024.
The average revenue per user (ARPU) is expected to amount to US$428.70.
By 2028, 69% of the total revenue in the Travel & Tourism market is expected to be generated through online sales.
When compared globally, United States is expected to generate the most revenue in the Travel & Tourism market, with a projected revenue of US$199bn in 2024.
Romania's Travel & Tourism sector is experiencing a rise in popularity among adventure seekers due to its breathtaking natural landscapes and rich cultural heritage.

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

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Market

Region

Region comparison

Currency

Analyst Opinion

The Travel & Tourism market in Romania has been experiencing a steady growth in recent years, attracting both domestic and international travelers.

Customer preferences: Travelers in Romania are increasingly seeking authentic and unique experiences, opting for off-the-beaten-path destinations and immersive cultural activities. They are also showing a growing interest in sustainable travel practices, such as eco-friendly accommodations and responsible tourism initiatives.

Trends in the market: One of the notable trends in the Romanian Travel & Tourism market is the rise of digitalization and online booking platforms, making it easier for travelers to plan their trips and discover new destinations. Additionally, there has been a surge in adventure tourism and outdoor activities, driven by the country's diverse landscapes and natural attractions.

Local special circumstances: Romania's rich cultural heritage, including medieval castles, charming villages, and vibrant festivals, sets it apart as a unique travel destination in Eastern Europe. The country's affordable prices and warm hospitality also contribute to its appeal among tourists looking for a budget-friendly yet enriching travel experience.

Underlying macroeconomic factors: The growth of the Travel & Tourism market in Romania can be attributed to several macroeconomic factors, including increasing disposable incomes among the local population, improved infrastructure and connectivity, and government initiatives to promote tourism development. Additionally, the country's strategic location in Europe and its visa-free access for many nationalities have made it a convenient and attractive destination for travelers.

Methodology

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.