emerging opportunities and growth prospects in …population and the rising number of inbound...
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Emerging Opportunities and
Growth Prospects in the
Indonesian Travel
Intermediaries Industry,
Analyses and Forecasts to 2016
Industry Forecast Report
Reference code: TT0017MR
Published: May 2012
BRICdata
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London EC4Y 0BS
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EXECUTIVE SUMMARY
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 2
© BRICdata. This product is licensed and is not to be photocopied Published: May 2012
1 Executive Summary
Travel and tourism in Indonesia increased at a significant growth of X.X% rate during the review period (2007–2011) and
was supported by the country’s robust economic growth, which has facilitated the expansion of the middle-class
population and the rising number of inbound tourists. Indonesia has a favorable economic environment, making it an
attractive destination for international travel intermediaries to invest in. According to a survey, conducted by
huffingtonpost.com on January 12th
2012, the island of Bali was named one of the world’s nine most exotic honeymoon
locations. Some of the advantages of Indonesia as a destination for travel intermediaries are its large population and
potential customer base, its natural beauty, its prompt recovery from the global economic crisis and government policies to
encourage foreign direct investment (FDI).
Increasing volume of domestic and international tourism
The Indonesian travel intermediaries industry is expected to grow due to the growing number of tourism activities in the
country. Domestic tourism is expected to grow at a compound annual growth rate (CAGR) of X.XX% over the forecast
period (2012–2016), and primarily be driven by the country’s rising levels of disposable income coupled with government
incentives to modernize infrastructure. Indonesian inbound tourism is projected to grow at a CAGR of X.XX% over the
forecast period, which will be driven by promotional measures undertaken by the ministry of tourism. The Indonesian travel
intermediaries industry is expected to value IDRXXX.X trillion in 2016, registering a CAGR of X.XX% over the forecast
period.
Online travel intermediaries are changing the market dynamics
The value of Indonesian online travel agents (OTAs) grew at a CAGR of XX.XX% during the review period. Indonesia’s
OTAs are also projected to register significant growth over the forecast period, at a CAGR of X.XX%, to value IDRXX.X
trillion in 2016. The shift to purchasing travel products through the internet has been supported by the rapid development
of e-commerce in Indonesia.
Favorable government regulation will intensify competition
The Indonesian travel intermediaries industry will become increasingly competitive for both domestic and foreign
companies over the forecast period due to favorable government regulations. This will encourage more foreign companies
to provide travel services in Indonesia. In order to remain competitive, companies are developing expansion strategies
such as partnering with airline operators, hotels chains and car rental companies to provide attractive tour packages at
reduced prices.
Positive levels of business confidence and the increasing volume of business tourists will drive the market for
travel management solutions
The volume of business tourists in Indonesia is expected to grow significantly due to an increase in business activities and
high level of FDI. Consequently, there will be high demand from Indonesian corporations for new technology platforms and
travel management solutions to effectively monitor and control their traveling requirements. Both domestic and
international travel companies are offering automated tools that can streamline the overall travel management needs of
organizations. Antar Anda Tour & Travel, Panorama Sentrawisata and voltras.com are the leading travel management
companies offering travel management solutions, which can help organizations to optimize their overall booking and
reservation arrangements.
Growing internet penetration will drive the demand for online travel sites
With the increasing affordability of PCs, Indonesia is expected to have XX million internet users by the end of 2012. This
will create significant opportunities for the travel services market as the online travel site market is expected to grow at a
CAGR of X.XX% over the forecast period. The increasing demand for online travel sites will force offline travel agents and
tour operators to offer online capabilities to effectively compete.
TABLE OF CONTENTS
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 3
© BRICdata. This product is licensed and is not to be photocopied Published: May 2012
TABLE OF CONTENTS
1 Executive Summary ............................................................................................................................ 2 2 Indonesia Travel Intermediaries Industry Market Environment ........................................................ 6
2.1 Macroeconomic Fundamentals .............................................................................................................. 6
2.2 Consumer Confidence ........................................................................................................................... 9
3 Market Size and Growth Potential of the Indonesian Travel Intermediaries Industry .................... 12
3.1 Travel Agents ...................................................................................................................................... 15
3.2 Tour Operators .................................................................................................................................... 20
3.3 Online Travel Sites .............................................................................................................................. 25
4 Key Demand Drivers for the Indonesian Travel Intermediaries Industry ........................................ 30
4.1 Overall Tourist Volume ........................................................................................................................ 32
4.2 Tourist Volume by Type of Tourist ....................................................................................................... 34
4.3 Spending Pattern of Domestic and International Tourists ..................................................................... 35
4.4 Total Internet Subscription ................................................................................................................... 37
5 Market Entry and Expansion Strategy for Indonesian Travel Intermediaries ................................. 38
5.1 Market Regulations ............................................................................................................................. 38
5.2 Market Entry Route ............................................................................................................................. 39
5.3 Expansion Strategy and Alliances ........................................................................................................ 40
6 Competitive Landscape of the Indonesian Travel Intermediaries Industry .................................... 41
6.1 Travel Agents Competitive Landscape ................................................................................................. 43
6.1.1 Antar Anda Indonesia .......................................................................................................................... 44
6.2 Tour Operators Competitive Landscape ............................................................................................... 45
6.2.1 Global Adventure Indonesia................................................................................................................. 46
6.2.2 Panorama Sentrawisata Tbk PT .......................................................................................................... 47
6.3 Online Travel Agent Competitive Landscape ....................................................................................... 49
6.3.1 Voltras.com ......................................................................................................................................... 49
7 Appendix............................................................................................................................................ 50
7.1 About BRICdata .................................................................................................................................. 50
7.2 Methodology ....................................................................................................................................... 51
7.3 Definitions ........................................................................................................................................... 52
7.4 Disclaimer ........................................................................................................................................... 53
TABLE OF CONTENTS
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 4
© BRICdata. This product is licensed and is not to be photocopied Published: May 2012
LIST OF FIGURES
Figure 1: Indonesian GDP Value at Constant Prices (US$ Billion), 2007–2016 (Base Year 2000) ................................................................... 6 Figure 2: Indonesian Inflation Rate (%), 2006–2016............................................................................................................................................ 7 Figure 3: Indonesian Annual Average Exchange Rate (US$–IDR), 2005–2011 ................................................................................................ 8 Figure 4: Indonesian Consumer Confidence Index, April 2011 – March 2012 ................................................................................................... 9 Figure 5: Indonesian Annual Disposable Income (US$ Billion), 2006–2016..................................................................................................... 10 Figure 6: Indonesian Unemployment Rate (%), 2006–2016 .............................................................................................................................. 11 Figure 7: Indonesia – Travel Intermediaries Market Size (IDR Billion), 2007–2011 ......................................................................................... 13 Figure 8: Indonesia – Travel Intermediaries Market Size (IDR Billion), 2012–2016 ......................................................................................... 14 Figure 9: Indonesia – Travel Agents Market Size (IDR Billion), 2007–2011 ..................................................................................................... 16 Figure 10: Indonesia – Travel Agents Market Size (IDR Billion), 2012–2016 ................................................................................................... 17 Figure 11: Indonesia – Travel Agents Market Size by Revenue Source (IDR Billion), 2007–2011 ................................................................. 18 Figure 12: Indonesia – Travel Agents Market Size by Revenue Source (IDR Billion), 2012–2016 ................................................................. 19 Figure 13: Indonesia – Tour Operators Market Size (IDR Billion), 2007–2011 ................................................................................................. 21 Figure 14: Indonesia – Tour Operators Market Size (IDR Billion), 2012–2016 ................................................................................................. 22 Figure 15: Indonesia – Tour Operators Market Size by Revenue Source (IDR Billion), 2007–2011 ............................................................... 23 Figure 16: Indonesia – Tour Operators Market Size by Revenue Source (IDR Billion), 2012–2016 ............................................................... 24 Figure 17: Indonesia – Online Travel Sites Total Market Size (IDR Billion), 2007–2011 ................................................................................. 26 Figure 18: Indonesia – Market Size of Online Travel Sites (IDR Billion), 2012–2016 ...................................................................................... 27 Figure 19: Indonesia – Online Travel Sites Market Size by Revenue Source (IDR Billion), 2007–2011 ......................................................... 28 Figure 20: Indonesia – Online Travel Sites Market Size by Revenue Source (IDR Billion), 2012–2016 ......................................................... 29 Figure 21: Indonesia – Travel Intermediaries Industry, Demand Drivers .......................................................................................................... 30 Figure 22: Indonesia – Total Tourist Volume (Million), 2007–2011 ................................................................................................................... 32 Figure 23: Indonesia – Total Tourist Volume (Million), 2012–2016 ................................................................................................................... 33 Figure 24: Indonesia – Tourist Volume by Type (in Million) Vs Travel Intermediaries Industry Size (IDR Billion), 2007–2016 ...................... 34 Figure 25: Indonesia – Total Spending Pattern of Domestic Tourists by Category (%), 2007–2016............................................................... 35 Figure 26: Indonesia – Total Spending Pattern of Inbound Tourists by Category (%), 2007–2016 ................................................................. 36 Figure 27: Indonesian Internet Subscriptions (Million), 2007–2016 .................................................................................................................. 37 Figure 28: Indonesia – Travel Intermediaries Industry Value by Market (IDR Billion), 2007–2016 ................................................................. 41 Figure 29: Indonesia – Performance Indicators of Online and Offline Travel Intermediaries (IDR Billion), 2007–2016 ................................. 42
TABLE OF CONTENTS
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 5
© BRICdata. This product is licensed and is not to be photocopied Published: May 2012
LIST OF TABLES
Table 1: Indonesian GDP Value at Constant Prices (US$ Billion), 2007–2016 (Base Year 2000) .................................................................... 6 Table 2: Indonesian Inflation Rate (%), 2006–2016 ............................................................................................................................................. 7 Table 3: Indonesian Annual Average Exchange Rate (US$–IDR), 2007–2011.................................................................................................. 8 Table 4: Indonesian Annual Disposable Income (US$ Billion), 2006–2016 ...................................................................................................... 10 Table 5: Indonesian Unemployment Rate (%), 2006–2016 ............................................................................................................................... 11 Table 6: Indonesia – Travel Intermediaries Total Market Size (IDR Billion), 2007–2011 ................................................................................. 13 Table 7: Indonesia – Travel Intermediaries Market Size (IDR Billion), 2012–2016 .......................................................................................... 14 Table 8: Indonesia – Travel Agents Market Size (IDR Billion), 2007–2011 ...................................................................................................... 16 Table 9: Indonesia – Travel Agents Market Size (IDR Billion), 2012–2016 ...................................................................................................... 17 Table 10: Indonesia – Travel Agents Market Size by Revenue Source (IDR Billion), 2007–2011................................................................... 18 Table 11: Indonesia – Travel Agents Market Size by Revenue Source (IDR Billion), 2012–2016................................................................... 19 Table 12: Indonesia – Tour Operators Market Size (IDR Billion), 2007–2011 .................................................................................................. 21 Table 13: Indonesia – Tour Operators Market Size (IDR Billion), 2012–2016 .................................................................................................. 22 Table 14: Indonesia – Tour Operators Market Size by Revenue Source (IDR Billion), 2007–2011 ................................................................ 23 Table 15: Indonesia – Tour Operators Market Size by Revenue Source (IDR Billion), 2012–2016 ................................................................ 24 Table 16: Indonesia – Online Travel Sites Market Size (IDR Billion), 2007–2011 ............................................................................................ 26 Table 17: Indonesia – Market Size of Online Travel Sites (IDR Billion), 2012–2016........................................................................................ 27 Table 18: Indonesia – Online Travel Sites Market Size by Revenue Source (IDR Billion), 2007–2011 .......................................................... 28 Table 19: Indonesia – Online Travel Sites Market Size by Revenue Source (IDR Billion), 2012–2016 .......................................................... 29 Table 20: Indonesia – Total Tourist Volume (Million), 2007–2011 .................................................................................................................... 32 Table 21: Indonesia – Total Tourist Volume (Million), 2012–2016 .................................................................................................................... 33 Table 22: Multinational Travel Intermediaries Operating in Indonesia .............................................................................................................. 39 Table 23: Antar Anda Indonesia, Key Facts ....................................................................................................................................................... 44 Table 24: Antar Anda Indonesia, Main Services ................................................................................................................................................ 44 Table 25: Global Adventure Indonesia, Key Facts ............................................................................................................................................. 46 Table 26: Global Adventure Indonesia, Main Services ...................................................................................................................................... 46 Table 27: Panorama Sentrawisata Tbk PT, Key Facts ...................................................................................................................................... 47 Table 28: Panorama Sentrawisata Tbk PT, Main Services ............................................................................................................................... 47 Table 29: Voltras.com, Key Facts ....................................................................................................................................................................... 49 Table 30: Voltras.com, Main Services ................................................................................................................................................................ 49 Table 31: Travel and Tourism Definitions ........................................................................................................................................................... 52
INDONESIA TRAVEL INTERMEDIARIES INDUSTRY MARKET
ENVIRONMENT
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 6
© BRICdata. This product is licensed and is not to be photocopied Published: May 2012
2 Indonesia Travel Intermediaries Industry Market Environment
2.1 Macroeconomic Fundamentals
There are considerable growth prospects for the Indonesian travel intermediaries industry over the forecast period due to
the country’s strong macroeconomic fundamentals, which will generate growth for both leisure and business tourism.
Indonesia is one of the fastest-growing emerging economies in the world. Such economic progress has been supported by
the expansion of the country’s manufacturing, service and agricultural sectors. According to the International Monetary
Fund (IMF), the country is projected to record a real GDP growth of X.X% in 2012 and X.X% in 2013.
The following sub-sections detail the macroeconomic trends using key indicators.
GDP at constant prices
Indonesia’s GDP at constant prices valued US$XXX.X billion in 2011, and achieved a CAGR of X.XX%
during the review period.
The country’s GDP is projected to increase at a CAGR of X.XX% over the forecast period, to reach
US$XXX.X billion by 2016.
The positive GDP growth will significantly increase the demand for travel intermediaries.
Table 1: Indonesian GDP Value at Constant Prices (US$ Billion), 2007–2016 (Base Year 2000)
2007 2008 2009 2010 2011
GDP XXX.X XXX.X XXX.X XXX.X XXX.X
2012 2013 2014 2015 2016
GDP XXX.X XXX.X XXX.X XXX.X XXX.X
Source: Central Bank of Indonesia and BRICdata analysis © BRICdata
Figure 1: Indonesian GDP Value at Constant Prices (US$ Billion), 2007–2016 (Base Year 2000)
Source: Central Bank of Indonesia and BRICdata analysis © BRICdata
0%
1%
2%
3%
4%
5%
6%
7%
8%
0
50
100
150
200
250
300
350
400
450
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
US
$ B
illio
n
Gross Domestic Product (US$ Billion) Growth Rate
INDONESIA TRAVEL INTERMEDIARIES INDUSTRY MARKET
ENVIRONMENT
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 7
© BRICdata. This product is licensed and is not to be photocopied Published: May 2012
2.2 Consumer Confidence
Consumer confidence details the buying behaviors of customers and is driven by a country’s level of disposable income
and rate of employment.
Indonesia consumer confidence index
The positive trend in consumer confidence is expected to increase the overall demand for travel intermediaries
and tour packages.
Figure 4: Indonesian Consumer Confidence Index, April 2011 – March 2012
Source: Central Bank of Indonesia and BRICdata analysis © BRICdata
106.9
105.3
109.0
111.8110.6
115.0116.2
114.3
116.6
119.2
111.7
107.3
Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12
Indonesian Consumer Confidence Index
INDONESIA TRAVEL INTERMEDIARIES – MARKET ENTRY AND
EXPANSION STRATEGY
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 8
© BRICdata. This product is licensed and is not to be photocopied Published: May 2012
3 Market Size and Growth Potential of the Indonesian Travel Intermediaries
Industry
Supported by strong levels of economic growth, Indonesia’s travel intermediaries industry increased from a value of
IDRXX.X trillion in 2007 to IDRXXX.X trillion in 2011, recording a CAGR of X.XX% during the review period. Revenues
declined in 2009 due to a decrease in tourist volumes due to the global financial crisis. However, the market rebounded in
2011 with a growth of X.X% due to a rise in tourist volume.
Of the total revenue generated by travel intermediaries in 2011, online travel sites accounted for the largest share of
XX.X% of the industry value, with revenues of IDRXX.X trillion. Travel agents accounted for the second-largest share of
XX.X% and generated revenues of IDRXX.X trillion. Online travel sites registered the largest CAGR of XX.XX% during the
review period, while tour operators registered the lowest CAGR of X.XX%. Tour operator revenues valued IDRXX.X trillion
in 2011, and accounted for the lowest share of XX.X%.
Table 6: Indonesia – Travel Intermediaries Total Market Size (IDR Billion), 2007–2011
Travel Intermediaries 2007 2008 2009 2010 2011 CAGR 2007–2011
Online travel sites XX,XXX.X XX,XXX.X XX,XXX.X XX,XXX.X XX,XXX.X XX.XX%
Travel agents XX,XXX.X XX,XXX.X XX,XXX.X XX,XXX.X XX,XXX.X X.XX%
Tour operator XX,XXX.X XX,XXX.X XX,XXX.X XX,XXX.X XX,XXX.X X.XX%
Total XX,XXX.X XXX,XXX.X XXX,XXX.X XXX,XXX.X XXX,XXX.X X.XX%
Source: BRICdata analysis © BRICdata
Figure 7: Indonesia – Travel Intermediaries Market Size (IDR Billion), 2007–2011
Source: BRICdata analysis © BRICdata
2007 2008 2009 2010 2011
IDR
Billio
n
Online travel sites Travel Agents Tour Operator
INDONESIA TRAVEL INTERMEDIARIES – MARKET ENTRY AND
EXPANSION STRATEGY
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 9
© BRICdata. This product is licensed and is not to be photocopied Published: May 2012
4 Key Demand Drivers for the Indonesian Travel Intermediaries Industry
The demand for travel intermediaries in Indonesia is primarily driven by four key components: the overall tourist volume,
leisure and business tourists, the spending pattern of domestic and inbound tourist and internet penetration levels.
The demand for tour operators and travel agents is primarily influenced by the volume of overall, business and leisure
tourist and their expenditure. The following section details each of the key demand drivers in detail.
Figure 21: Indonesia – Travel Intermediaries Industry, Demand Drivers
Source: BRICdata analysis © BRICdata
INDONESIA TRAVEL INTERMEDIARIES – MARKET ENTRY AND
EXPANSION STRATEGY
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 10
© BRICdata. This product is licensed and is not to be photocopied Published: May 2012
4.1 Overall Tourist Volume
The total number of tourists in Indonesia increased from XXX.X million in 2007 to XXX.X million in 2011, after growing at a
CAGR of X.XX% during the review period. The highest CAGR of X.X% and was recorded in 2010 and can be attributed to
an increase in Indonesian consumer confidence due to the country’s strong economic recovery following the global
financial crisis.
Table 20: Indonesia – Total Tourist Volume (Million), 2007–2011
Type of Tourist 2007 2008 2009 2010 2011 CAGR 2007–2011
Domestic XXX.X XXX.X XXX.X XXX.X XXX.X X.XX%
Inbound X.X X.X X.X X.X X.X X.XX%
Outbound X.X X.X X.X X.X X.X X.XX%
Overall XXX.X XXX.X XXX.X XXX.X XXX.X X.XX%
Source: BRICdata analysis © BRICdata
Figure 22: Indonesia – Total Tourist Volume (Million), 2007–2011
Source: BRICdata analysis © BRICdata
2007 2008 2009 2010 2011
To
uri
sts
vo
lum
e in
Millio
n
Domestic Inbound Outbound
COMPETITIVE LANDSCAPE OF THE INDONESIAN TRAVEL
INTERMEDIARIES INDUSTRY
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 11
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5 Competitive Landscape of the Indonesian Travel Intermediaries Industry
During the review period Indonesia’s travel intermediaries industry registered a remarkable shift with an ever increasing
number of customers preferring to use online travel agents rather than traditional travel and tour operators. The
Indonesian online travel market grew at an impressive CAGR of XX.XX% during the review period, to value IDRXX.X
trillion in 2011. The travel agents market registered a CAGR of X.XX% during the review period and the tour operator
market recorded a CAGR of X.XX%. The shift to using online travel sites is primarily driven by the country’s rapidly
developing e-commerce sector, a growing number of internet subscribers and the adoption of technology. Over the
forecast period the online travel market value is expected to increase at a CAGR of X.XX%, while the travel agent market
is projected to register at a CAGR of X.XX% and the tour operator market will record a CAGR of X.XX%.
Figure 28: Indonesia – Travel Intermediaries Industry Value by Market (IDR Billion), 2007–2016
Source: BRICdata analysis © BRICdata
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
IDR
Billio
n
Online travel sites Travel Agents Tour Operator
APPENDIX
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 12
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6 Appendix
6.1 About BRICdata
BRICdata publishes in-depth strategic intelligence reports that help its customers better understand opportunities in
emerging markets and industry sectors. Its reports provide an independent, expert view supported by primary research
and access to leading data and intelligence sources.
BRICdata is a comprehensive source of insights and analysis, and publishes a broad range of reports across a number of
different industry sectors, including consumer, retail, financial services, technology, telecoms and construction.
BRICdata is headquartered in London with research, analysis and account management teams based across Europe, the
US and Asia-Pacific. Its global research footprint is supported by a network of external associates, data partners and
industry experts to give the clearest possible perspective on emerging markets.
Areas of expertise
BRICdata operates a dedicated, multilingual team of in-house industry analysts with significant experience of global and
country-level research. BRICdata also maintains data and research partnerships with other research companies, industry
experts and trade associations, along with a network of independent industry consultants and former industry participants
contributing research and reports to bring additional insight and expertise in more specialist areas.
BRICdata’s research offering spans the following industry areas:
Construction
BRICdata publishes reports covering the entire construction value chain: construction materials, equipment, construction
services, architectural services and interior design. It also covers the main value sectors of construction activity:
commercial, infrastructure, industrial, institutional and residential.
This comprehensive view of the market enables BRICdata to detail key growth sectors and countries and identify the most
attractive industry opportunities.
Consumer
Covering a broad range of areas across the consumer goods marketplace, from interior products to FMCG, ingredients,
and packaging, BRICdata offers a comprehensive insight into key consumer sectors across fast-growing markets,
identifying key trends, future innovations and growth opportunities.
Comprehensive data sets including unique primary survey-driven research creates accurate market forecasts and
understanding of the factors driving consumption behavior.
Financial Services
Providing detailed insights into insurance and banking markets, BRICdata’s financial services reports identify key market
opportunities, emerging technologies and channel strategies. The reports provide unique data combined with local
examples of best practice and expert insights into the market.
Retail
BRICdata maintains a comprehensive database of forecasts of retail spending, along with a series of unique indicators
enabling a forward view of retailers’ prospects in emerging markets. The reports identify emerging concepts in retail,
including the nascent online and mobile retail sectors in the BRIC countries and other emerging markets.
Technology
BRICdata tracks key trends and innovations, emerging technologies and markets, and the key operators in both emerging
markets and technologies. Covering a range of emerging and disruptive technologies including telecoms, social media,
online and mobile retailing, and telemedicine, BRICdata examines strategies for success, the state of the competitive
landscape and the inherent threats and opportunities in the emerging technological economy.
APPENDIX
Emerging Opportunities and Growth Prospects in the Indonesian Travel Intermediaries Industry Page 13
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6.2 Methodology
All reports are rigorously sourced and created according to a comprehensive, two-stage methodology. This includes
internal audit and primary research.
A) Internal audit
Review of in-house databases to gather existing data:
o Historic market databases and reports
o Company database
o projects database
B) Primary research
Review of the latest company strategy and asset management trends
1) Research
A. Sources
Collection of the latest market-specific data from a wide variety of industry sources:
o Government statistics
o Industry associations
o Company filings
o Broker reports
o International organizations
B. Expert opinion
Collation of opinion taken from leading industry experts
Analysis of third-party opinion and forecasts:
o Broker reports
o Industry associations
o Official government sources
C. Data consolidation and verification
Consolidation of data and opinion to create historical datasets
Creation of models to benchmark data across sectors and geographies
2) Research Analysis
Market forecasts
Feed of forecast data into market models:
o Macroeconomic indicators
o Industry-specific drivers
Analysis of Market Databases to identify trends by sector:
o Latest trends
o Key drivers of the market
3) Report Writing
Analysis of market data
Discussion of company and industry trends and issues
Integration of survey results
Annual review of trends
Standardization of market definitions using recognized industry classifications
APPENDIX
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4) Quality Control
A. Templates
Detailed process manuals
Standardized report templates and accompanying style guides
Complex forecasting tool used to ensure forecast methodologies are consistently applied
QC checklists
B. QC process
Peer review
Senior-level QC
Random spot checks on data integrity
Benchmark checks across databases
Market data cross-checked for consistency with accumulated data from company filings
6.3 Definitions
Table 31: Travel and Tourism Definitions
Terms Definition
Inbound tourist A tourist traveling to a different country from their country of residence. For instance, if a person
living in Canada travels to France, they would be an inbound tourist to France.
Outbound tourist A tourist visiting places outside of their country of residence. For instance, a person who lives in
France would be going outbound when they visit any place outside France.
Domestic tourists A tourist who spends time away from home, but within the country in which they live. For instance, a
person living in France traveling to different places within France.
Leisure tourist A tourist traveling for recreational purposes such as visiting friends or relatives, holiday or
entertainment. Generally, leisure trips are longer than business trips.
Business tourist A person traveling on business-related activities such as meetings, conferences and trade shows.
Generally, business tourists' expenses are paid by the organization they work for.
Health and wellness tourist
A person traveling within or outside the country to improve their health or wellbeing. Services sought
typically include elective procedures or complex specialized procedures such as cosmetic, dental,
cardiac and joint or knee replacement surgeries.
Spending pattern The total spending by a visitor on travel, lodging, food and beverages, sightseeing, entertainment,
shopping, health and wellness, and travel insurance during their visit.
Spending on travel and
transportation
Includes tourist spending on travel by air, road, rail or sea, such as flight or train tickets, and car
rentals.
Spending on lodging Tourist spending on accommodation, such as hotels, during their stay.
Travel insurance Insurance which covers travel-related losses such as delays, medical expenses, loss of personal
belongings and personal liability.
Travel agents
A business which sells travel-related products and services to both leisure and business customers
on behalf of suppliers. Products and services typically include package holidays, sightseeing tours,
airlines, hotels, cruise lines, car rentals, railways and travel insurance companies. Some travel
agents also serve as sales agents for international travel companies.
Tour operators
Businesses that combine two or more travel services, such as transport, sightseeing,
accommodation, food and entertainment, and sell them either directly to customers or through travel
agents as a single product, called a package tour, for one price.
Online travel sites
These sites provide online travel bookings, travel deals, hotel guides and related services. They
also offer holiday and tour packages with complete travel arrangements such as air/train/bus ticket
booking, hotel accommodation, car rental and other travel-related services.
Source: BRICdata analysis © BRICdata
APPENDIX
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6.4 Disclaimer
All rights reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means,
electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, BRICdata.
The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the
findings, conclusions and recommendations that BRICdata delivers will be based on information gathered in good faith
from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such,
BRICdata can accept no liability whatsoever for actions taken based on any information that may subsequently prove to
be incorrect.