Travel & Tourism - Chile

  • Chile
  • Chile is expected to witness a significant revenue growth in the Travel & Tourism market.
  • By 2024, the projected revenue for this market is US$2,998.00m, and it is projected to increase at an annual growth rate of 5.26% until 2029, resulting in a market volume of US$3,873.00m.
  • The largest market is the Package Holidays market, with a projected market volume of US$1,238.00m by 2024.
  • The number of users in the Package Holidays market is expected to reach 7.79m users by 2029, while the user penetration is projected to increase from 49.3% in 2024 to 61.6% in 2029.
  • The average revenue per user (ARPU) is expected to be US$309.20.
  • In terms of online sales, it is projected that 80% of total revenue in the Travel & Tourism market will be generated through online sales by 2029.
  • Furthermore, among different countries, United States is expected to generate the most revenue in this market, amounting to US$214bn in 2024.
  • Chile's Travel & Tourism industry is focusing on sustainable tourism practices to attract environmentally conscious travelers.

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

 
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Analyst Opinion

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

Customer preferences:
Travelers in Chile are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a growing interest in sustainable and eco-friendly tourism practices, with a focus on preserving the natural beauty of the country.

Trends in the market:
One notable trend in the Chilean Travel & Tourism market is the rise of adventure tourism. The country's diverse geography, which includes the Andes Mountains, deserts, and coastline, offers ample opportunities for activities such as hiking, skiing, surfing, and wildlife watching. This trend has attracted thrill-seeking travelers looking for adrenaline-pumping experiences in stunning natural settings.

Local special circumstances:
Chile's unique geographical features, such as the Atacama Desert, Easter Island, and Patagonia, set it apart as a prime destination for travelers seeking diverse and unforgettable experiences. The country's rich cultural heritage, vibrant cities, and welcoming locals also contribute to its appeal as a top travel destination in South America.

Underlying macroeconomic factors:
The stable political environment and growing economy in Chile have played a significant role in driving the growth of the Travel & Tourism market. Increasing disposable incomes and a rising middle class have made travel more accessible to a larger segment of the population. Additionally, government initiatives to promote tourism and improve infrastructure have further boosted the sector's development.

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.

Overview

  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • Travel Behavior
  • Destination Shares
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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