Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Bulgaria has been experiencing steady growth in recent years, attracting a diverse range of tourists from around the world.
Customer preferences: Tourists visiting Bulgaria are increasingly seeking authentic cultural experiences, including exploring historical sites, trying local cuisine, and interacting with the friendly locals. Additionally, there is a growing demand for sustainable and eco-friendly tourism options, such as hiking in the picturesque mountains or staying in eco-friendly accommodations.
Trends in the market: One notable trend in the Bulgarian travel market is the rise of digital platforms and online booking services, making it easier for tourists to plan their trips and discover hidden gems in the country. Moreover, the government's efforts to promote Bulgaria as a year-round destination have led to an increase in off-peak season travel, particularly during the winter months for skiing and snowboarding.
Local special circumstances: Bulgaria's unique geographical location, nestled between Europe and Asia, offers a diverse range of attractions for tourists, from relaxing beach resorts along the Black Sea coast to charming medieval towns in the countryside. The country's rich history, with influences from Roman, Ottoman, and Soviet eras, provides a captivating backdrop for travelers interested in exploring different cultures.
Underlying macroeconomic factors: The overall economic stability and growth in Bulgaria have contributed to the development of the travel and tourism sector, with increased investment in infrastructure, accommodation, and transportation facilities. Additionally, the country's favorable exchange rate and relatively lower prices compared to other European destinations make it an attractive option for budget-conscious travelers looking for value for their money.
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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