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Package Holidays - Worldwide

Worldwide

Highlights

By 2024, the projected revenue for the Package Holidays market globally is estimated to reach US$300.90bn.
The market is further expected to display an annual growth rate (CAGR 2024-2029) of 3.80%, which would result in a market volume of US$362.60bn by 2029.
Moreover, the number of users in the Package Holidays market is also expected to increase significantly, with an estimated 677.10m users users by 2029.
In 2024, user penetration in this market is predicted to be 7.1%, which is expected to increase to 8.4% by 2029.
The average revenue per user (ARPU) is also expected to remain consistent at US$545.00.
As for the online sales in this market, it is estimated that 77% of total revenue will be generated through online channels by 2029.
In terms of global comparison, China is expected to generate the most revenue in the Package Holidays market, with an estimated revenue of US$49bn in 2024.
In the United States, package holidays are becoming increasingly popular among millennials seeking hassle-free travel experiences.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Package Holidays market has been experiencing significant growth and evolution in recent years, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers are increasingly seeking convenience and hassle-free travel experiences, leading to a rise in demand for package holidays. The all-inclusive nature of package holidays, which often include accommodation, transportation, meals, and activities, appeals to travelers looking for a seamless vacation experience. Additionally, travelers are placing a higher value on experiences rather than material possessions, further fueling the demand for package holidays that offer unique and memorable experiences.

Trends in the market: In the Worldwide region, there is a noticeable trend towards personalized and experiential package holidays. Travelers are looking for customized itineraries that cater to their specific interests and preferences, whether it be adventure travel, cultural immersion, wellness retreats, or eco-tourism. Tour operators and travel agencies are responding to this trend by offering a wider range of package holiday options that can be tailored to individual needs. Additionally, there is a growing interest in sustainable and responsible tourism practices, leading to the development of eco-friendly package holidays that minimize environmental impact.

Local special circumstances: Each country in Worldwide presents unique opportunities and challenges for the package holidays market. For example, countries with diverse landscapes and rich cultural heritage, such as Italy and Japan, are popular destinations for package holidays that offer a mix of sightseeing, culinary experiences, and outdoor activities. On the other hand, emerging markets in Africa and South America are seeing a rise in demand for package holidays that showcase their natural beauty and wildlife. Local regulations, infrastructure development, and political stability also play a significant role in shaping the package holidays market in each country.

Underlying macroeconomic factors: The growth of the package holidays market in Worldwide is also influenced by macroeconomic factors such as disposable income levels, exchange rates, and economic stability. As disposable incomes rise in many countries, more people have the financial means to invest in travel experiences, including package holidays. Fluctuations in exchange rates can impact the affordability of package holidays for international travelers, leading to shifts in demand across different markets. Economic stability is crucial for the growth of the travel industry, as political unrest or economic uncertainty can deter travelers from booking package holidays.

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.