Travel & Tourism - Cuba | Statista Market Forecast

The Travel & Tourism market in Cuba is expected to experience a rise in revenue, with a projection of US$298.30m in 2024.
Furthermore, a Compound Annual Growth Rate (CAGR) of 1.39% from 2024 to 2029 will lead to a projected market volume of US$319.70m by 2029.
The Package Holidays market will be the largest contributor to this growth, with a projected market volume of US$128.10m in 2024.
By 2029, the number of users in this market is expected to reach 978.40k users.
The user penetration rate is expected to increase from 14.2% in 2024 to 14.6% by 2029.
The average revenue per user (ARPU) is expected to be US$188.10.
Online sales are projected to contribute to 80% of the total revenue in the Travel & Tourism market in Cuba by 2029.
In comparison to other countries globally, United States is expected to generate the most revenue in the Travel & Tourism market, with a projected revenue of US$214bn in 2024.
Cuba's travel and tourism market is experiencing a rise in interest due to its unique culture, vibrant music scene, and stunning natural landscapes.

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.)

Cuba, known for its vibrant culture, beautiful beaches, and historic architecture, has been experiencing a significant growth in its Travel & Tourism market.

Customer preferences: Travelers visiting Cuba are increasingly seeking authentic and immersive experiences, such as interacting with local communities, exploring off-the-beaten-path destinations, and indulging in traditional Cuban cuisine. This shift towards experiential travel has led to a rise in demand for homestays, local tour guides, and cultural activities.

Trends in the market: One notable trend in the Cuban Travel & Tourism market is the increasing popularity of sustainable and eco-friendly travel practices. Travelers are showing a growing interest in supporting environmentally conscious initiatives, such as eco-lodges, organic farms, and conservation projects. This trend aligns with global efforts towards sustainable tourism and responsible travel.

Local special circumstances: Cuba's unique history, political landscape, and geographical location play a significant role in shaping its Travel & Tourism market. The country's rich cultural heritage, preserved colonial architecture, and vintage cars contribute to its appeal as a nostalgic destination. Additionally, Cuba's position in the Caribbean region makes it a strategic hub for cruise tourism, attracting visitors from around the world.

Underlying macroeconomic factors: The gradual easing of travel restrictions and improved diplomatic relations between Cuba and other countries have had a positive impact on the country's Travel & Tourism market. Increased accessibility, direct flights, and relaxed visa requirements have made it easier for travelers to visit Cuba. Furthermore, the government's efforts to promote tourism as a key economic sector have led to infrastructure developments, new hotel openings, and expanded tourism offerings. These factors, combined with Cuba's natural beauty and cultural allure, have contributed to the market's growth and potential for further expansion.

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.