Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Vietnam's Travel & Tourism market is experiencing significant growth and development, driven by various factors that are shaping the industry in the country.
Customer preferences: Travelers in Vietnam are increasingly seeking authentic and unique experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a growing interest in eco-tourism, cultural experiences, and adventure activities among both domestic and international tourists.
Trends in the market: One of the notable trends in the Vietnamese Travel & Tourism market is the rise of digital platforms and online travel agencies. With the increasing internet penetration and smartphone usage in the country, travelers are turning to online channels to research, plan, and book their trips. This shift towards digital platforms is not only streamlining the booking process but also providing travelers with more options and flexibility.
Local special circumstances: Vietnam's diverse landscapes, rich history, and vibrant culture make it a unique destination for travelers. The country offers a mix of experiences ranging from bustling city life in Hanoi and Ho Chi Minh City to serene beaches in Da Nang and Phu Quoc, as well as stunning natural wonders like Ha Long Bay. This diversity attracts a wide range of tourists with different interests and preferences, contributing to the overall growth of the Travel & Tourism market.
Underlying macroeconomic factors: The steady economic growth in Vietnam, coupled with increasing disposable incomes among the middle-class population, has fueled the demand for travel and tourism services. As more Vietnamese have the financial means to explore both domestically and internationally, the industry is witnessing a surge in both inbound and outbound tourism. Additionally, government initiatives to promote tourism, improve infrastructure, and simplify visa procedures are further supporting the growth of the Travel & Tourism market in Vietnam.
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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