IDEAS home Printed from https://ideas.repec.org/a/eee/anture/v83y2020ics0160738320300694.html
   My bibliography  Save this article

Bayesian BILSTM approach for tourism demand forecasting

Author

Listed:
  • Kulshrestha, Anurag
  • Krishnaswamy, Venkataraghavan
  • Sharma, Mayank

Abstract

The tourism sector, with its perishable nature of products, requires precise estimation of demand. To this effect, we propose a deep learning methodology, namely Bayesian Bidirectional Long Short-Term Memory (BBiLSTM) network. BiLSTM is a deep learning model, and Bayesian optimization is utilized to optimize the hyperparameters of this model. Five experiments using the tourism demand data of Singapore are conducted to ascertain the validity and benchmark the proposed BBiLSTM model. The experimental findings suggest that the BBiLSTM model outperforms other competing models like Long Short-Term Memory (LSTM) network, Support Vector Regression (SVR), Radial Basis Function Neural Network (RBFNN) and Autoregressive Distributed Lag Model (ADLM). The study contributes to tourism literature by proposing a superior deep-learning method for demand forecasting.

Suggested Citation

  • Kulshrestha, Anurag & Krishnaswamy, Venkataraghavan & Sharma, Mayank, 2020. "Bayesian BILSTM approach for tourism demand forecasting," Annals of Tourism Research, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:anture:v:83:y:2020:i:c:s0160738320300694
    DOI: 10.1016/j.annals.2020.102925
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0160738320300694
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.annals.2020.102925?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Gunter, Ulrich & Önder, Irem, 2015. "Forecasting international city tourism demand for Paris: Accuracy of uni- and multivariate models employing monthly data," Tourism Management, Elsevier, vol. 46(C), pages 123-135.
    2. Eden Xiaoying Jiao & Jason Li Chen, 2019. "Tourism forecasting: A review of methodological developments over the last decade," Tourism Economics, , vol. 25(3), pages 469-492, May.
    3. Silva, Emmanuel Sirimal & Hassani, Hossein & Heravi, Saeed & Huang, Xu, 2019. "Forecasting tourism demand with denoised neural networks," Annals of Tourism Research, Elsevier, vol. 74(C), pages 134-154.
    4. Guizzardi, Andrea & Stacchini, Annalisa, 2015. "Real-time forecasting regional tourism with business sentiment surveys," Tourism Management, Elsevier, vol. 47(C), pages 213-223.
    5. Diebold, Francis X & Mariano, Roberto S, 2002. "Comparing Predictive Accuracy," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 134-144, January.
    6. Paul Hanly & Garret Wade, 2007. "Research Note: Modelling Tourism Demand – an Econometric Analysis of North American Tourist Expenditure in Ireland, 1985–2004," Tourism Economics, , vol. 13(2), pages 319-327, June.
    7. Sen Cheong Kon & Lindsay W. Turner, 2005. "Neural Network Forecasting of Tourism Demand," Tourism Economics, , vol. 11(3), pages 301-328, September.
    8. Witt, Stephen F. & Witt, Christine A., 1995. "Forecasting tourism demand: A review of empirical research," International Journal of Forecasting, Elsevier, vol. 11(3), pages 447-475, September.
    9. Law, Rob & Li, Gang & Fong, Davis Ka Chio & Han, Xin, 2019. "Tourism demand forecasting: A deep learning approach," Annals of Tourism Research, Elsevier, vol. 75(C), pages 410-423.
    10. Huang, Xiankai & Zhang, Lifeng & Ding, Yusi, 2017. "The Baidu Index: Uses in predicting tourism flows –A case study of the Forbidden City," Tourism Management, Elsevier, vol. 58(C), pages 301-306.
    11. Lago, Jesus & De Ridder, Fjo & De Schutter, Bart, 2018. "Forecasting spot electricity prices: Deep learning approaches and empirical comparison of traditional algorithms," Applied Energy, Elsevier, vol. 221(C), pages 386-405.
    12. Hadavandi, Esmaeil & Ghanbari, Arash & Shahanaghi, Kamran & Abbasian-Naghneh, Salman, 2011. "Tourist arrival forecasting by evolutionary fuzzy systems," Tourism Management, Elsevier, vol. 32(5), pages 1196-1203.
    13. Li, Xin & Pan, Bing & Law, Rob & Huang, Xiankai, 2017. "Forecasting tourism demand with composite search index," Tourism Management, Elsevier, vol. 59(C), pages 57-66.
    14. Yang, Xin & Pan, Bing & Evans, James A. & Lv, Benfu, 2015. "Forecasting Chinese tourist volume with search engine data," Tourism Management, Elsevier, vol. 46(C), pages 386-397.
    15. Fischer, Thomas & Krauss, Christopher, 2018. "Deep learning with long short-term memory networks for financial market predictions," European Journal of Operational Research, Elsevier, vol. 270(2), pages 654-669.
    16. He, Feifei & Zhou, Jianzhong & Feng, Zhong-kai & Liu, Guangbiao & Yang, Yuqi, 2019. "A hybrid short-term load forecasting model based on variational mode decomposition and long short-term memory networks considering relevant factors with Bayesian optimization algorithm," Applied Energy, Elsevier, vol. 237(C), pages 103-116.
    17. Zhang, Guoqiang & Eddy Patuwo, B. & Y. Hu, Michael, 1998. "Forecasting with artificial neural networks:: The state of the art," International Journal of Forecasting, Elsevier, vol. 14(1), pages 35-62, March.
    18. T. Law & J. Shawe-Taylor, 2017. "Practical Bayesian support vector regression for financial time series prediction and market condition change detection," Quantitative Finance, Taylor & Francis Journals, vol. 17(9), pages 1403-1416, September.
    19. Christine Lim, 1997. "An Econometric Classification and Review of International Tourism Demand Models," Tourism Economics, , vol. 3(1), pages 69-81, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Li, Cheng & Zheng, Weimin & Ge, Peng, 2022. "Tourism demand forecasting with spatiotemporal features," Annals of Tourism Research, Elsevier, vol. 94(C).
    2. Ghimire, Sujan & Deo, Ravinesh C. & Casillas-Pérez, David & Salcedo-Sanz, Sancho, 2022. "Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise Deep Residual model for short-term multi-step solar radiation prediction," Renewable Energy, Elsevier, vol. 190(C), pages 408-424.
    3. Yu, Ling & Zhao, Pengjun & Tang, Junqing & Pang, Liang, 2023. "Changes in tourist mobility after COVID-19 outbreaks," Annals of Tourism Research, Elsevier, vol. 98(C).
    4. Bhattacharjee, Biplab & Kumar, Rajiv & Senthilkumar, Arunachalam, 2022. "Unidirectional and bidirectional LSTM models for edge weight predictions in dynamic cross-market equity networks," International Review of Financial Analysis, Elsevier, vol. 84(C).
    5. Zhen, Hao & Niu, Dongxiao & Wang, Keke & Shi, Yucheng & Ji, Zhengsen & Xu, Xiaomin, 2021. "Photovoltaic power forecasting based on GA improved Bi-LSTM in microgrid without meteorological information," Energy, Elsevier, vol. 231(C).
    6. Zheng, Weimin & Huang, Liyao & Lin, Zhibin, 2021. "Multi-attraction, hourly tourism demand forecasting," Annals of Tourism Research, Elsevier, vol. 90(C).
    7. Emrah Kocak & Fevzi Okumus & Mehmet Altin, 2023. "Global pandemic uncertainty, pandemic discussion and visitor behaviour: A comparative tourism demand estimation for the US," Tourism Economics, , vol. 29(5), pages 1225-1250, August.
    8. Ming Yin & Feiya Lu & Xingxuan Zhuo & Wangzi Yao & Jialong Liu & Jijiao Jiang, 2024. "Prediction of daily tourism volume based on maximum correlation minimum redundancy feature selection and long short‐term memory network," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 43(2), pages 344-365, March.
    9. Zhang, Dongxue & Wang, Shuai & Liang, Yuqiu & Du, Zhiyuan, 2023. "A novel combined model for probabilistic load forecasting based on deep learning and improved optimizer," Energy, Elsevier, vol. 264(C).
    10. Han Liu & Yongjing Wang & Haiyan Song & Ying Liu, 2023. "Measuring tourism demand nowcasting performance using a monotonicity test," Tourism Economics, , vol. 29(5), pages 1302-1327, August.
    11. Gergő Thalmeiner & Sándor Gáspár & Ákos Barta & Zoltán Zéman, 2021. "Application of Fuzzy Logic to Evaluate the Economic Impact of COVID-19: Case Study of a Project-Oriented Travel Agency," Sustainability, MDPI, vol. 13(17), pages 1-19, August.
    12. Zhang, Chu & Ma, Huixin & Hua, Lei & Sun, Wei & Nazir, Muhammad Shahzad & Peng, Tian, 2022. "An evolutionary deep learning model based on TVFEMD, improved sine cosine algorithm, CNN and BiLSTM for wind speed prediction," Energy, Elsevier, vol. 254(PA).
    13. Dounia El Bourakadi & Hiba Ramadan & Ali Yahyaouy & Jaouad Boumhidi, 2023. "A robust energy management approach in two-steps ahead using deep learning BiLSTM prediction model and type-2 fuzzy decision-making controller," Fuzzy Optimization and Decision Making, Springer, vol. 22(4), pages 645-667, December.
    14. Peng, Tian & Zhang, Chu & Zhou, Jianzhong & Nazir, Muhammad Shahzad, 2021. "An integrated framework of Bi-directional long-short term memory (BiLSTM) based on sine cosine algorithm for hourly solar radiation forecasting," Energy, Elsevier, vol. 221(C).
    15. Bi, Jian-Wu & Li, Hui & Fan, Zhi-Ping, 2021. "Tourism demand forecasting with time series imaging: A deep learning model," Annals of Tourism Research, Elsevier, vol. 90(C).
    16. Xu, Shilin & Liu, Yang & Jin, Chun, 2023. "Forecasting daily tourism demand with multiple factors," Annals of Tourism Research, Elsevier, vol. 103(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Song, Haiyan & Qiu, Richard T.R. & Park, Jinah, 2019. "A review of research on tourism demand forecasting," Annals of Tourism Research, Elsevier, vol. 75(C), pages 338-362.
    2. Eden Xiaoying Jiao & Jason Li Chen, 2019. "Tourism forecasting: A review of methodological developments over the last decade," Tourism Economics, , vol. 25(3), pages 469-492, May.
    3. Bi, Jian-Wu & Liu, Yang & Li, Hui, 2020. "Daily tourism volume forecasting for tourist attractions," Annals of Tourism Research, Elsevier, vol. 83(C).
    4. Xu, Shilin & Liu, Yang & Jin, Chun, 2023. "Forecasting daily tourism demand with multiple factors," Annals of Tourism Research, Elsevier, vol. 103(C).
    5. Yang, Yang & Fan, Yawen & Jiang, Lan & Liu, Xiaohui, 2022. "Search query and tourism forecasting during the pandemic: When and where can digital footprints be helpful as predictors?," Annals of Tourism Research, Elsevier, vol. 93(C).
    6. Zhang, Yishuo & Li, Gang & Muskat, Birgit & Law, Rob & Yang, Yating, 2020. "Group pooling for deep tourism demand forecasting," Annals of Tourism Research, Elsevier, vol. 82(C).
    7. Liu, Yuan-Yuan & Tseng, Fang-Mei & Tseng, Yi-Heng, 2018. "Big Data analytics for forecasting tourism destination arrivals with the applied Vector Autoregression model," Technological Forecasting and Social Change, Elsevier, vol. 130(C), pages 123-134.
    8. Petropoulos, Fotios & Apiletti, Daniele & Assimakopoulos, Vassilios & Babai, Mohamed Zied & Barrow, Devon K. & Ben Taieb, Souhaib & Bergmeir, Christoph & Bessa, Ricardo J. & Bijak, Jakub & Boylan, Joh, 2022. "Forecasting: theory and practice," International Journal of Forecasting, Elsevier, vol. 38(3), pages 705-871.
      • Fotios Petropoulos & Daniele Apiletti & Vassilios Assimakopoulos & Mohamed Zied Babai & Devon K. Barrow & Souhaib Ben Taieb & Christoph Bergmeir & Ricardo J. Bessa & Jakub Bijak & John E. Boylan & Jet, 2020. "Forecasting: theory and practice," Papers 2012.03854, arXiv.org, revised Jan 2022.
    9. Ling Tang & Chengyuan Zhang & Tingfei Li & Ling Li, 2021. "A novel BEMD-based method for forecasting tourist volume with search engine data," Tourism Economics, , vol. 27(5), pages 1015-1038, August.
    10. Long Wen & Chang Liu & Haiyan Song, 2019. "Forecasting tourism demand using search query data: A hybrid modelling approach," Tourism Economics, , vol. 25(3), pages 309-329, May.
    11. Law, Rob & Li, Gang & Fong, Davis Ka Chio & Han, Xin, 2019. "Tourism demand forecasting: A deep learning approach," Annals of Tourism Research, Elsevier, vol. 75(C), pages 410-423.
    12. Oscar Claveria & Enric Monte & Salvador Torra, 2018. "“A regional perspective on the accuracy of machine learning forecasts of tourism demand based on data characteristics”," AQR Working Papers 201802, University of Barcelona, Regional Quantitative Analysis Group, revised Apr 2018.
    13. Ke Xu & Junli Zhang & Junhao Huang & Hongbo Tan & Xiuli Jing & Tianxiang Zheng, 2024. "Forecasting Visitor Arrivals at Tourist Attractions: A Time Series Framework with the N-BEATS for Sustainable Tourism," Sustainability, MDPI, vol. 16(18), pages 1-28, September.
    14. Giovanni De Luca & Monica Rosciano, 2020. "Quantile Dependence in Tourism Demand Time Series: Evidence in the Southern Italy Market," Sustainability, MDPI, vol. 12(8), pages 1-18, April.
    15. Ulrich Gunter, 2021. "Improving Hotel Room Demand Forecasts for Vienna across Hotel Classes and Forecast Horizons: Single Models and Combination Techniques Based on Encompassing Tests," Forecasting, MDPI, vol. 3(4), pages 1-36, November.
    16. Gang Xie & Xin Li & Yatong Qian & Shouyang Wang, 2021. "Forecasting tourism demand with KPCA-based web search indexes," Tourism Economics, , vol. 27(4), pages 721-743, June.
    17. Bi, Jian-Wu & Li, Hui & Fan, Zhi-Ping, 2021. "Tourism demand forecasting with time series imaging: A deep learning model," Annals of Tourism Research, Elsevier, vol. 90(C).
    18. Ulrich Gunter & Irem Önder & Stefan Gindl, 2019. "Exploring the predictive ability of LIKES of posts on the Facebook pages of four major city DMOs in Austria," Tourism Economics, , vol. 25(3), pages 375-401, May.
    19. Gunter, Ulrich & Zekan, Bozana, 2021. "Forecasting air passenger numbers with a GVAR model," Annals of Tourism Research, Elsevier, vol. 89(C).
    20. Jian-Wu Bi & Tian-Yu Han & Hui Li, 2022. "International tourism demand forecasting with machine learning models: The power of the number of lagged inputs," Tourism Economics, , vol. 28(3), pages 621-645, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:anture:v:83:y:2020:i:c:s0160738320300694. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/annals-of-tourism-research/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.