Travel in
Latvia

Country Report

Executive Summary

Sep 2019
Growth by all measures, but threats remain

In 2019, domestic trips and outbound departures continued to see growth, mainly due to the improving economic conditions in Latvia. The growth in the economy had a direct effect on consumers’ disposable incomes, which made them more willing to spend on travel and tourism throughout the year.

High and rising online sales

Online travel sales in Latvia are rising rapidly, and accounting for a larger share of sales. Airlines is the strongest category for online sales, as many of the low-cost carriers only sell tickets online.

Entry of global travel brands increases the competition

Global travel brands actively entered Latvia within lodging and intermediaries in 2018 and 2019, increasing the image of a country as a great travel destination for domestic and international travellers. One of the biggest global tour operators, TUI, entered the Latvian market in October 2018.

Opportunities for business tourism if appropriate facilities are offered

Latvia still has strong potential for growth in business tourism, although the infrastructure needs improvement in order to attract more events. During the high season, Riga, as the main business travel destination in Latvia, experiences a lack of lodging, as well as a lack of proper facilities for big conferences.

Growth expected to continue, but risks remain

In the forecast period, all travel and tourism measures are expected to see healthy growth in Latvia. Domestic and outbound travel will mainly be driven by the continuing improvement of the economic situation, which will positively affect consumers’ disposable incomes.

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Overview:

Discover the latest market trends and uncover sources of future market growth for the Travel industry in Latvia with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Travel industry in Latvia, our research will save you time and money while empowering you to make informed, profitable decisions.

When you purchase this report, you also get the data and the content from these category reports in Latvia for free:

The Travel in Latvia market research report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation
  • Historic volumes and values, company and brand market shares
  • Five year forecasts (of market share, market trends, market growth)
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • What is the market size of Travel in Latvia?
  • What are the major brands in Latvia?  

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply functions

This industry report originates from Passport, our Travel And Tourism market research database.

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Travel in Latvia

EXECUTIVE SUMMARY

Growth by all measures, but threats remain
High and rising online sales
Entry of global travel brands increases the competition
Opportunities for business tourism if appropriate facilities are offered
Growth expected to continue, but risks remain

SWOT

Summary 1 Destination Latvia: SWOT

MARKET DATA

Table 1 Other Transport: Value 2014-2019
Table 2 Forecast Other Transport: Value 2019-2024
Table 3 Car Rental Sales: Value 2014-2019
Table 4 Forecast Car Rental Sales: Value 2019-2024
Table 5 Attractions and Experiences: Value 2014-2019
Table 6 Forecast Attractions and Experiences: Value 2019-2024

SOURCES

Summary 2 Research Sources

TOURISM FLOWS

Headlines
Prospects
Biggest source markets are neighbouring countries, with alco-tourism playing a role
Events for the centenary attract both inbound and domestic tourists
Tourist flows from Russia are set to recover
Category Data
Table 7 Inbound Arrivals: Number of Trips 2014-2019
Table 8 Inbound Arrivals by Country: Number of Trips 2014-2019
Table 9 Inbound Receipts: Value 2014-2019
Table 10 Forecast Inbound Arrivals: Number of Trips 2019-2024
Table 11 Forecast Inbound Arrivals by Country: Number of Trips 2019-2024
Table 12 Forecast Inbound Receipts: Value 2019-2024
Table 13 Domestic Business Trips by Travel Mode: Number of Trips 2014-2019
Table 14 Domestic Leisure Trips by Travel Mode: Number of Trips 2014-2019
Table 15 Domestic Expenditure: Value and Growth 2014-2019
Table 16 Forecast Domestic Trips by Purpose of Visit: Number of Trips 2019-2024
Table 17 Forecast Domestic Business Trips by Travel Mode: Number of Trips 2019-2024
Table 18 Forecast Domestic Leisure Trips by Travel Mode: Number of Trips 2019-2024
Table 19 Forecast Domestic Tourist Expenditure: Value and Growth 2019-2024
Table 20 Outbound Departures: Number of Trips 2014-2019
Table 21 Outbound Departures by Destination: Number of Trips 2014-2019
Table 22 Outbound Expenditure: Value 2014-2019
Table 23 Forecast Outbound Departures: Number of Trips 2019-2024
Table 24 Forecast Outbound Departures by Destination: Number of Trips 2019-2024
Table 25 Forecast Outbound Expenditure: Value 2019-2024

AIRLINES

Headlines
Prospects
Air Baltic set to maintain its lead through opening up new routes
Long haul flights will support the growth of Riga Airport
Self-planning and convenience give online sales a bright future
Category Data
Table 26 Airlines Sales: Value 2014-2019
Table 27 Forecast Airlines Sales: Value 2019-2024

LODGING

Headlines
Prospects
Hotels begin to recognise the potential for business tourism
Initiatives to regulate short-term rentals could hamper growth
Lodging could be hit by an increase in VAT
Category Data
Table 28 Lodging Sales: Value 2014-2019
Table 29 Lodging Outlets: Units 2014-2019
Table 30 Forecast Lodging Sales: Value 2019-2024
Table 31 Forecast Lodging Outlets: Units 2019-2024

ONLINE TRAVEL INTERMEDIARIES

Headlines
Prospects
Online sales rise, despite some consumers still preferring to book in person
Online will continue to perform better than offline
Competition increases with the entry of large travel operators
Category Data
Table 32 Travel Intermediaries Sales: Value 2014-2019
Table 33 Forecast Travel Intermediaries Sales: Value 2019-2024