Hotels - Panama | Statista Market Forecast

According to the latest report, the Hotels market in Panama is projected to reach a revenue of US$93.29m in 2024.
The revenue is expected to grow at an annual rate of 3.93%, resulting in a projected market volume of US$113.10m by 2029.
The number of users in the Hotels market is expected to reach 638.50k users by 2029, with user penetration expected to increase from 10.2% in 2024 to 13.3% by 2029.
The average revenue per user (ARPU) is expected to be US$202.00.
It is projected that 81% of total revenue in the Hotels market will be generated through online sales by 2029.
In comparison with the rest of the world, United States is expected to generate the most revenue, with a projected revenue of US$111bn in 2024.
Panama's hotel market is on the rise, with a focus on sustainable tourism and luxury accommodations.

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)

The Hotels market in Panama is experiencing a significant growth trajectory, with an increasing number of tourists visiting the country each year.

Customer preferences: Tourists visiting Panama are showing a growing preference for boutique hotels and eco-friendly accommodations. They seek unique experiences that are in harmony with the country's natural beauty and cultural heritage. This shift in preferences has led to a rise in the number of boutique hotels and eco-lodges across Panama, catering to the needs of these discerning travelers.

Trends in the market: One notable trend in the Panama Hotels market is the expansion of luxury hotel chains into the country. International hotel brands are recognizing the potential of Panama as a key tourist destination and are investing in high-end accommodations to attract luxury travelers. This trend is not only elevating the overall quality of hospitality services in the country but also contributing to the diversification of the hotel market.

Local special circumstances: Panama's strategic location as a bridge between North and South America makes it a hub for business and leisure travelers alike. The country's booming economy and the development of key infrastructure projects, such as the Panama Canal expansion, have further fueled the growth of the Hotels market. Additionally, Panama's unique blend of urban sophistication and natural beauty appeals to a wide range of tourists, driving demand for diverse hotel offerings.

Underlying macroeconomic factors: The stable economic growth in Panama, coupled with government initiatives to promote tourism, has created a favorable environment for the Hotels market to thrive. The country's strong performance in sectors like finance, logistics, and tourism has attracted foreign investment, leading to the development of new hotel properties and the expansion of existing ones. As Panama continues to position itself as a top tourist destination in Central America, the Hotels market is poised for continued growth and innovation.

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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