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Travel & Tourism - Caribbean

Caribbean
  • The Travel & Tourism market in the Caribbean is expected to generate a revenue of US$1.24bn by 2025.
  • The market is projected to grow annually at a rate of 5.28% during 2025-2029, resulting in a market volume of US$1.52bn by 2029.
  • Among the markets, Hotels are expected to generate the largest revenue, with a projected market volume of US$484.30m in 2025.
  • By 2029, the number of users in Hotels is expected to reach 4.99m users, and the user penetration is expected to increase from 17.4% in 2025 to 19.3% by 2029.
  • The average revenue per user (ARPU) is expected to be US$175.22.
  • By 2029, online sales are expected to contribute 73% of the total revenue in the Travel & Tourism market.
  • In comparison to other countries, United States is projected to generate the most revenue in the Travel & Tourism market, with a revenue of US$224bn in 2025.
  • Jamaica's Travel & Tourism industry is booming due to an increase in adventure and eco-tourism, as well as the popularity of reggae music and Bob Marley-themed attractions.

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.

In-Scope
  • Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone
Out-Of-Scope
  • Business trips
  • Other forms of trips (e.g. excursions, etc.)
Travel & Tourism: market data & analysis - Cover

Market Insights report

Travel & Tourism: market data & analysis
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    Revenue

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Jul 2024

    SOURCE: Statista Market Insights

    MOST_RECENT_UPDATE: Jul 2024

    SOURCE: Statista Market Insights

    Sales Channels

    MOST_RECENT_UPDATE: Jul 2024

    SOURCE: Statista Market Insights

    Analyst Opinion

    The Travel & Tourism market in Caribbean has been experiencing significant growth and development in recent years.

    Customer preferences:
    Travelers in the Caribbean region are increasingly seeking unique and authentic experiences, moving away from traditional mass tourism. They are looking for personalized travel itineraries that allow them to immerse themselves in the local culture, cuisine, and natural beauty of the islands.

    Trends in the market:
    One of the notable trends in the Caribbean Travel & Tourism market is the rise of ecotourism and sustainable travel practices. Travelers are becoming more conscious of their environmental impact and are choosing accommodations and activities that prioritize sustainability. This trend is driving the development of eco-friendly resorts, wildlife conservation initiatives, and responsible tour operators across the region.

    Local special circumstances:
    The Caribbean region is known for its stunning beaches, vibrant music and dance culture, and rich history. These unique characteristics attract a diverse range of travelers, from honeymooners seeking romantic getaways to adventure enthusiasts looking to explore the region's lush rainforests and crystal-clear waters. The warm hospitality of the local population also plays a significant role in enhancing the overall travel experience in the Caribbean.

    Underlying macroeconomic factors:
    The growth of the Travel & Tourism market in the Caribbean can be attributed to several macroeconomic factors. The region's improving infrastructure, including new airports, highways, and luxury accommodations, has made it more accessible to international visitors. Additionally, government initiatives to promote tourism, such as investment incentives and marketing campaigns, have helped boost the industry. The stability of the political environment in many Caribbean countries has also contributed to the growth of the Travel & Tourism sector, providing a safe and welcoming destination for travelers from around the world.

    Users

    MOST_RECENT_UPDATE: Jul 2024

    SOURCE: Statista Market Insights

    Global Comparison

    MOST_RECENT_UPDATE: Jul 2024

    SOURCE: Statista Market Insights

    Methodology

    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.

    Mobility

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    Travel & Tourism: market data & analysis - BackgroundTravel & Tourism: market data & analysis - Cover

    Key Market Indicators

    NOTES: Based on data from IMF, World Bank, UN and Eurostat

    MOST_RECENT_UPDATE: Jan 2025

    SOURCE: Statista Market Insights

    OUTLOOK_EXPLORE_RELATED_TOPICS

    Global business travel - statistics & facts

    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.
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