Hotels - Uruguay | Statista Market Forecast

Uruguay is projected to witness a rise in revenue in the Hotels market, with an estimated amount of US$79.06m expected to be reached in 2024.
The revenue is further anticipated to grow annually at a rate of 6.37% (CAGR 2024-2029), leading to a projected market volume of US$107.60m by 2029.
By 2029, the Hotels market in Uruguay is expected to have 588.20k users users, with a user penetration rate of 17.2%, compared to 12.4% in 2024.
The average revenue per user (ARPU) is likely to amount to US$185.80.
Furthermore, 80% of the total revenue in the Hotels market is anticipated to be generated through online sales by 2029.
It is worth noting that United States is expected to generate the most revenue globally in the Hotels market, with an estimated revenue of US$111bn in 2024.
Uruguay's hotel market is experiencing a rise in eco-friendly and sustainable accommodations, catering to a growing demand for responsible tourism.

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)

Over the past few years, the Hotels market in Uruguay has experienced significant growth and development, driven by various factors shaping the industry landscape in the country.

Customer preferences: Travelers in Uruguay are increasingly seeking unique and authentic experiences, leading to a rise in demand for boutique hotels and eco-friendly accommodations. Tourists are looking for personalized services and immersive stays that allow them to connect with the local culture and environment.

Trends in the market: One notable trend in the Hotels market in Uruguay is the growing popularity of luxury resorts and wellness retreats, catering to high-end travelers looking for upscale amenities and relaxation options. Additionally, the rise of digital platforms and online booking services has made it easier for tourists to discover and book accommodations, contributing to the overall growth of the market.

Local special circumstances: Uruguay's reputation as a safe and stable country in South America has attracted a growing number of international tourists, boosting the demand for quality hotel accommodations across the country. The government's efforts to promote tourism and invest in infrastructure have also played a key role in driving the expansion of the Hotels market.

Underlying macroeconomic factors: The stable economic environment and increasing disposable income levels in Uruguay have resulted in a higher propensity for domestic travel and tourism activities. As a result, the Hotels market has benefited from a growing number of local tourists, in addition to international visitors, contributing to the overall growth and diversification of the industry.

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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