Tourism Economics · 2018 · 112 citations · 51 references
ManagementTourism ManagementDemand ForecastingForecastingTourismTime Series AnalyticsTime Series ForecastingTime Series ModelingTime Series PredictionTourism AttractionsTourism DemandDemand Forecasting ModelsMachine Learning-based ForecastingSeasonal Time Series ModelsSeasonality Of Tourism DemandTourism Demand AnalysisTourism Demand ModellingTourism ForecastingTourist Arrivals
Tourist decision to visit attractions is a complex process influenced by multiple factors of individual context. This study investigates how the accuracy of tourism demand forecasting can be improved at the micro level. The number of visits to five London museums is forecast and the predictive powers of Naïve I, seasonal Naïve, seasonal autoregressive moving average, seasonal autoregressive moving average with explanatory variables, SARMAX-mixed frequency data sampling and artificial neural network models are compared. The empirical findings extend understanding of different types of data and forecasting algorithms to the level of specific attractions. Introducing the Google Trends index on pure time-series models enhances the forecasts of the volume of arrivals to attractions. However, none of the applied models outperforms the others in all situations. Different models’ forecasting accuracy varies for short- and long-term demand predictions. The application of higher frequency search query data allows for the generation of weekly predictions, which are essential for attraction- and destination-level planning.
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Predicting the Present with Google Trends
Hyunyoung Choi, Hal R. Varian · Economic Record · 2012 · 2.3K citations
Tourism demand modelling and forecasting—A review of recent research
Haiyan Song, Gang Li · Tourism Management · 2007 · 1.4K citations
Neil Leiper · Annals of Tourism Research · 1990 · 774 citations