Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Norway, known for its stunning fjords and natural beauty, has seen a steady growth in its Travel & Tourism market in recent years.
Customer preferences: Travelers in Norway are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a growing demand for sustainable and eco-friendly travel options, reflecting a global trend towards responsible tourism practices.
Trends in the market: One notable trend in the Norwegian Travel & Tourism market is the rise of adventure tourism. Travelers are increasingly drawn to activities such as hiking, skiing, and glacier exploration, seeking adrenaline-pumping experiences in the country's picturesque landscapes. Additionally, there has been a surge in cultural tourism, with travelers showing a keen interest in Norway's rich history and heritage.
Local special circumstances: Norway's unique geographical features, including its majestic mountains and Northern Lights, set it apart as a prime destination for nature lovers and adventure seekers. The country's efficient infrastructure and high safety standards also contribute to its appeal among international travelers. Moreover, the Norwegian government's focus on promoting sustainable tourism practices aligns with the preferences of modern-day travelers.
Underlying macroeconomic factors: The stable economy and high standard of living in Norway have bolstered the Travel & Tourism market, allowing for investments in infrastructure and tourism development. Additionally, the country's strong emphasis on environmental conservation and preservation of natural resources has resonated with environmentally conscious travelers, further driving growth in 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.
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