Travel & Tourism - Jamaica | Statista Market Forecast

Jamaica's revenue in the Travel & Tourism market is projected to reach US$52.21m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.57%, resulting in a projected market volume of US$65.28m by 2029.
The largest market in Jamaica's Travel & Tourism market is the Vacation Rentals market with a projected market volume of US$20.37m in 2024.
By 2029, the number of users in the Vacation Rentals market is expected to amount to 306.60k users.
The user penetration rate is projected to reach 14.7% by 2029, increasing from 12.8% in 2024.
The average revenue per user (ARPU) is expected to amount to US$143.90.
In Jamaica's Travel & Tourism market, 66% of the total revenue will be generated through online sales by 2029.
It is noteworthy that in global comparison, United States is projected to generate the most revenue in the Travel & Tourism market with a value of US$214bn in 2024.
Jamaica's tourism industry is booming due to its natural beauty, vibrant culture, and delicious cuisine.

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.)

Jamaica's Travel & Tourism market is experiencing a significant growth trajectory, driven by various factors that appeal to both domestic and international travelers.

Customer preferences: Travelers in Jamaica are increasingly seeking authentic cultural experiences, leading to a rise in demand for immersive activities such as local food tours, traditional music events, and community-based tourism initiatives. Additionally, the country's stunning beaches and natural landscapes continue to attract tourists looking for relaxation and adventure in equal measure.

Trends in the market: One notable trend in Jamaica's Travel & Tourism market is the increasing popularity of eco-tourism and sustainable travel practices. Tourists are showing a preference for accommodations and tour operators that prioritize environmental conservation and support local communities. This trend aligns with global movements towards responsible tourism and reflects a growing awareness of the importance of preserving natural resources.

Local special circumstances: Jamaica's unique cultural heritage, including its vibrant music scene and rich history, sets it apart as a top travel destination in the Caribbean. The country's warm and welcoming atmosphere, combined with a diverse range of attractions, appeals to a broad spectrum of travelers, from luxury seekers to budget-conscious explorers. Furthermore, Jamaica's status as a cruise ship hub contributes significantly to its tourism sector, with many visitors choosing to explore the island during port stops.

Underlying macroeconomic factors: The growth of Jamaica's Travel & Tourism market is also influenced by macroeconomic factors such as government investment in infrastructure development, including transportation networks and hospitality facilities. The country's stable political environment and efforts to promote tourism as a key economic driver have further boosted investor confidence and visitor numbers. Additionally, strategic marketing campaigns and partnerships with international travel agencies have helped showcase Jamaica's unique offerings to a global audience, driving sustained growth in the sector.

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.