Hotels - Colombia | Statista Market Forecast

By 2024, the Hotels market in Colombia is projected to reach a revenue of US$1.55bn .
It is further estimated that the market volume will reach US$1.89bn by 2029, showing an annual growth rate (CAGR 2024-2029) of 4.07%.
The number of users in this market is expected to increase to 8.78m users by 2029, with a user penetration of 13.1% in 2024 and a projected 16.3% by 2029.
The average revenue per user (ARPU) is expected to be US$226.60 .
In Colombia's Hotels market, 84% of the total revenue is expected to be generated through online sales by 2029.
In comparison to other countries, United States is projected to generate the highest revenue of US$111bn by 2024.
Colombia's hotel industry is booming due to increased tourism, with new luxury properties opening up in major cities such as Bogotá and Cartagena.

Definition:

The Hotels market includes hotels and professionally-run guest houses. These accommodations can be booked directly via the providers website, through a tour operator, a travel agency, an online travel agency (OTA), or by telephone.

Additional Information:

The main performance indicators of the Hotels 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. Users represent the aggregated number of guests. Each user is only counted once per year. Well-known providers are Hotels.com, trivago, and Booking.com.

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.

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Booked directly via the providers website, through a tour operator, an online travel agency (OTA), a travel agency or by telephone

Private accommodation and holiday flats, private room and accommodation rentals (e.g. Airbnb)

Over the past few years, the Hotels market in Colombia has experienced significant growth and development.

Customer preferences: Travelers in Colombia are increasingly looking for unique and authentic experiences, prompting a rise in demand for boutique and eco-friendly hotels. Tourists are also seeking accommodations that offer cultural immersion and opportunities to interact with local communities.

Trends in the market: One notable trend in the Colombian Hotels market is the increasing popularity of sustainable and eco-conscious practices. Many hotels are implementing green initiatives to attract environmentally conscious guests. Additionally, the rise of digital platforms has made it easier for travelers to book accommodations, leading to a more competitive market.

Local special circumstances: Colombia's diverse geography and rich cultural heritage make it a unique destination for travelers. The country's growing reputation as a safe and welcoming tourist destination has contributed to the expansion of the Hotels market. Additionally, the government's efforts to promote tourism have boosted the hospitality sector.

Underlying macroeconomic factors: The improving economic conditions in Colombia have led to a growing middle class with higher disposable incomes, driving domestic tourism. Additionally, the country's stability and peace agreements have increased foreign investment and tourism, further fueling the growth of the Hotels market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels.

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.

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