Travel & Tourism - Colombia | Statista Market Forecast

Colombia's Travel & Tourism market is projected to reach a revenue of US$3.85bn 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$4.66bn by 2029.
The largest market is the Package Holidays market, which in Colombia, has a projected market volume of US$1.60bn in 2024.
By 2029, the number of users in this market is expected to reach 9.63m 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.

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.)

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.

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.