Travel & Tourism - Colombia

  • Colombia
  • Colombia's Travel & Tourism market is projected to reach a revenue of US$3,852.00m by the year 2024.
  • This revenue is expected to have an annual growth rate of 3.88% (CAGR 2024-2029) which will result in a projected market volume of US$4,660.00m by 2029.
  • The largest market is the Package Holidays market, which in Colombia, has a projected market volume of US$1,598.00m in 2024.
  • By 2029, the number of users in this market is expected to reach 9.64m users.
  • The user penetration for hotels is 24.3% in 2024 and is expected to increase to 29.1% by 2029.
  • The projected average revenue per user (ARPU) is expected to be US$302.40.
  • In Colombia's Travel & Tourism market, it is expected that 73% of the total revenue will be generated through online sales by the year 2029.
  • In global comparison, United States is expected to generate the most revenue in this market, with an estimated revenue of US$214bn in 2024.
  • Colombia's Travel & Tourism market is on the rise, with the country's diverse landscapes and vibrant culture attracting a growing number of international visitors.

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

 
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Analyst Opinion

Colombia's Travel & Tourism market is experiencing significant growth and development in recent years.

Customer preferences:
Travelers in Colombia 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 responsible travel practices, with tourists showing a preference for eco-friendly accommodations and activities. Additionally, the rise of technology has made online booking platforms and mobile applications essential tools for travelers to research and plan their trips.

Trends in the market:
One noticeable trend in Colombia's Travel & Tourism market is the increasing popularity of adventure tourism. The country's diverse geography offers opportunities for activities such as hiking, trekking, and water sports, attracting thrill-seekers from around the world. Moreover, Colombia's rich cultural heritage and vibrant cities are drawing cultural tourists looking to immerse themselves in the local art, music, and culinary scene. The government's efforts to promote tourism through marketing campaigns and infrastructure development have also contributed to the industry's growth.

Local special circumstances:
Colombia's Travel & Tourism market is uniquely positioned to capitalize on the country's peace process and improved security situation. Previously known for its internal conflict, Colombia has made significant strides in enhancing safety and stability, making it a more attractive destination for international visitors. The government's initiatives to promote peace tourism and showcase the country's cultural diversity have helped reshape Colombia's image on the global stage.

Underlying macroeconomic factors:
The growth of Colombia's Travel & Tourism market can be attributed to several macroeconomic factors. The country's stable economic environment and increasing disposable income levels have made travel more accessible to a larger segment of the population. Additionally, the depreciation of the Colombian peso has made the country a more affordable destination for foreign tourists, further boosting the industry. The government's focus on infrastructure development, including improvements to transportation networks and accommodations, has also played a crucial role in supporting the expansion of the Travel & Tourism sector in Colombia.

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
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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