Package Holidays - Jamaica

Jamaica

Highlights

Jamaica is expected to witness a significant growth in the Package Holidays market in the coming years.
The revenue in this market is projected to increase to US$15.94m by 2024.
Moreover, the revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.05%, resulting in a projected market volume of US$19.44m by 2029.
As for the number of users in this market, it is expected to amount to 90.29k users by 2029.
The user penetration rate is also expected to increase from 3.0% in 2024 to 3.2% by 2029.
Additionally, the average revenue per user (ARPU) is expected to be US$191.10.
It is worth mentioning that 62% of the total revenue in the Package Holidays market will be generated through online sales by 2029.
Finally, in terms of global comparison, it is noteworthy that China is expected to generate the most revenue in the Package Holidays market, amounting to US$49bn in 2024.
Jamaica's package holiday market is experiencing an increase in demand for all-inclusive options that cater to both relaxation and adventure-seeking tourists.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Package Holidays market in Jamaica has been experiencing significant growth and development in recent years.

Customer preferences: Travelers in Jamaica are increasingly seeking convenience and value when planning their vacations, leading to a rise in demand for package holidays. The all-inclusive nature of package holidays, which often include accommodation, meals, and activities, appeals to customers looking for hassle-free and budget-friendly travel options.

Trends in the market: One notable trend in the Jamaican package holidays market is the growing popularity of eco-friendly and sustainable travel experiences. Travelers are showing a preference for packages that incorporate local culture, support community initiatives, and promote environmental conservation efforts. This trend aligns with global movements towards responsible tourism and ethical travel practices.

Local special circumstances: Jamaica's unique cultural heritage, stunning natural landscapes, and vibrant hospitality industry contribute to the attractiveness of the package holidays market in the country. The warm climate, beautiful beaches, and rich history make Jamaica a desirable destination for travelers seeking both relaxation and adventure. The local cuisine, music, and traditions also add to the overall appeal of package holidays in Jamaica.

Underlying macroeconomic factors: The stability of Jamaica's economy and improvements in infrastructure and transportation networks have made the country more accessible to international tourists. Government initiatives to promote tourism, such as investment in hospitality training programs and marketing campaigns, have further boosted the package holidays market. Additionally, partnerships between local businesses and international tour operators have expanded the range of package holiday options available to travelers in Jamaica.

Data coverage:

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

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.