Package Holidays - Peru

Peru

Highlights

In Peru, the Package Holidays market is predicted to experience significant growth in the coming years.
According to market projections, revenue in this sector is expected to increase to US$793.90m by 2024.
This growth is set to continue, with an annual growth rate of 3.87% (CAGR 2024-2029), resulting in a projected market volume of US$960.00m by 2029.
The number of users in the Package Holidays market is also expected to rise, reaching 2.76m users by 2029.
User penetration is set to increase as well, with a projected rate of 7.6% in 2029, up from 6.4% in 2024.
The average revenue per user (ARPU) is expected to remain stable at US$356.40.
Additionally, online sales are predicted to account for 81% of the total revenue generated in the Package Holidays market by 2029.
It is worth noting that, when compared globally, China is projected to generate the most revenue in the Package Holidays market, with a predicted revenue of US$49bn in 2024.
Nonetheless, Peru's market is expected to grow and offer ample opportunities for businesses in this sector.
Peru's package holiday market is thriving, offering unique cultural experiences, stunning natural beauty, and top-notch hospitality.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

In recent years, the Package Holidays market in Peru has experienced significant growth and transformation, reflecting changing consumer preferences and market dynamics.

Customer preferences: Peruvian consumers are increasingly seeking convenience and hassle-free travel experiences, which has boosted the demand for package holidays. The all-inclusive nature of these packages, which typically include accommodation, transportation, and activities, appeals to busy individuals and families looking for a seamless vacation experience. Additionally, the peace of mind that comes with having everything arranged in advance is a key driver for choosing package holidays over independent travel.

Trends in the market: One notable trend in the Package Holidays market in Peru is the rise of personalized and experiential packages. Travelers are now looking for unique and authentic experiences that go beyond traditional sightseeing tours. As a result, tour operators and travel agencies are curating specialized packages that cater to specific interests such as culinary tours, eco-adventures, and cultural immersions. This trend underscores the growing sophistication of Peruvian travelers and their desire for meaningful travel experiences.

Local special circumstances: The diverse geography and rich cultural heritage of Peru make it a unique and attractive destination for package holidays. From the majestic Andes mountains to the ancient ruins of Machu Picchu, Peru offers a wide range of experiences for travelers to explore. The country's vibrant culinary scene, which has gained international recognition in recent years, also adds to its appeal as a top destination for food and wine enthusiasts. These special circumstances contribute to the growing popularity of package holidays in Peru.

Underlying macroeconomic factors: The improving economic conditions in Peru, coupled with a growing middle-class population, have had a positive impact on the Package Holidays market. As disposable incomes rise and consumer confidence strengthens, more Peruvians are able to afford travel packages and explore domestic and international destinations. Additionally, government initiatives to promote tourism and infrastructure development have further supported the growth of the travel industry in Peru. These macroeconomic factors create a favorable environment for the expansion of the Package Holidays market in the country.

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.