Hotels - Jamaica | Statista Market Forecast

It is estimated that the Hotels market in Jamaica will achieve a revenue of US$14.86m by 2024.
This figure is projected to grow annually at a rate of 5.16% (CAGR 2024-2029), resulting in a market volume of US$19.11m by 2029.
According to the forecast, the number of users in this market is expected to reach 145.30k users by 2029.
Currently, the user penetration rate stands at 4.4% and is expected to increase to 5.2% by 2029.
The average revenue per user (ARPU) is predicted to be US$120.50.
It is expected that 73% of the total revenue in the Hotels market will be generated through online sales by 2029.
In comparison to other countries around worldwide, United States is projected to generate the most revenue in this market, with a figure of US$111bn expected by 2024.
Jamaica's hotel market is experiencing a rise in eco-tourism, with an increasing number of properties incorporating sustainable practices.

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.

For further information on the data displayed, refer to the info button right next to each box.

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)

Jamaica, known for its stunning beaches and vibrant culture, has seen significant growth in its Hotels market in recent years.

Customer preferences: Tourists visiting Jamaica have shown a growing preference for unique and authentic experiences, driving the demand for boutique hotels and eco-friendly accommodations. Many travelers seek to immerse themselves in the local culture and environment, leading to an increase in bookings for smaller, locally-owned establishments over large chain hotels.

Trends in the market: One noticeable trend in the Jamaican Hotels market is the rise of all-inclusive resorts, which cater to travelers looking for convenience and value for their money. These resorts offer a wide range of amenities and activities on-site, making them popular choices for families and honeymooners. Additionally, there has been a surge in luxury boutique hotels in Jamaica, targeting high-end clientele seeking personalized service and upscale accommodations.

Local special circumstances: Jamaica's Hotels market is also influenced by the country's rich history and music scene. Many hotels in Jamaica incorporate elements of reggae music and local art into their design, creating a unique and vibrant atmosphere for guests. The warm hospitality of the Jamaican people is also a significant factor contributing to the overall appeal of the Hotels market in the country.

Underlying macroeconomic factors: The growth of Jamaica's Hotels market can be attributed to the country's efforts to promote tourism and attract foreign investment. Government initiatives to improve infrastructure, enhance safety measures, and increase marketing efforts have helped boost the hospitality sector. Additionally, favorable exchange rates and a stable political environment have made Jamaica an attractive destination for both tourists and hotel investors.

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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