Travel & Tourism - Argentina | Statista Market Forecast

Argentina's Travel & Tourism market is expected to experience significant growth in the coming years.
By 2024, revenue is projected to reach US$8.89bn, with an estimated annual growth rate of 8.20% between 2024 and 2029.
This growth is expected to result in a market volume of US$13.18bn by 2029.
The largest market is the Hotels market, which is projected to have a market volume of US$4.08bn by 2024.
The number of users in this market is expected to reach 26.68m users by 2029, with a user penetration rate of 55.3% in 2024 expected to increase to 72.5% by 2029.
The average revenue per user (ARPU) is projected to be US$349.20.
Online sales are expected to generate 81% of the total revenue in the Travel & Tourism market by 2029.
In global comparison, United States is expected to generate the most revenue, with a projected revenue of US$214bn in 2024.
Argentina's tourism industry is recovering from economic instability, with a focus on promoting its diverse landscapes and cultural heritage.

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

For further information on the data displayed, refer to the info button right next to each box.

Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

Business trips
Other forms of trips (e.g. excursions, etc.)

Argentina's Travel & Tourism market is experiencing significant growth and development, driven by various factors influencing consumer behavior and market dynamics.

Customer preferences: Travelers in Argentina are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a growing demand for sustainable and eco-friendly tourism options, reflecting a global trend towards responsible travel practices. Additionally, personalized and customized travel experiences are gaining popularity among Argentine tourists, catering to individual preferences and interests.

Trends in the market: One notable trend in Argentina's Travel & Tourism market is the rise of adventure tourism. The country's diverse landscapes, including mountains, forests, and coastlines, offer ample opportunities for outdoor activities such as hiking, skiing, and water sports. This trend is attracting adventure enthusiasts from both domestic and international markets, boosting the overall tourism sector in Argentina. Furthermore, cultural tourism is on the rise, with travelers showing a keen interest in exploring Argentina's rich history, art, and culinary scene.

Local special circumstances: Argentina's unique cultural heritage and natural beauty set it apart as a top travel destination in South America. The country's vibrant cities, such as Buenos Aires and Mendoza, offer a blend of European and Latin American influences, attracting visitors with their architecture, cuisine, and nightlife. In addition, Argentina's renowned wine regions, such as Mendoza and Salta, draw wine enthusiasts from around the world to experience the country's world-class wineries and vineyards.

Underlying macroeconomic factors: The growth of Argentina's Travel & Tourism market is also influenced by macroeconomic factors such as exchange rates, inflation, and government policies. Fluctuations in the Argentine peso can impact the affordability of travel for both domestic and international tourists. Inflation rates and economic stability play a crucial role in consumer confidence and spending on leisure activities. Government initiatives to promote tourism, such as infrastructure development and marketing campaigns, can further stimulate the growth of the Travel & Tourism sector in Argentina.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.