Package Holidays - Puerto Rico

Puerto Rico

Highlights

Puerto Rico is expected to witness a significant growth in the Package Holidays market in the coming years.
The revenue in this market is anticipated to reach US$11.72m by 2024 with an annual growth rate (CAGR 2024-2029) of 3.26%, resulting in a projected market volume of US$13.76m by 2029.
By 2029, the number of users in the Package Holidays market is expected to amount to 73.48k users with a user penetration of 2.2%.
The average revenue per user (ARPU) is projected to be US$175.00.
It is expected that 71% of the total revenue in this market will be generated through online sales by 2029.
It is interesting to note that in global comparison, China is expected to generate the most revenue in this market with US$49bn in 2024.
Puerto Rico's package holiday market is seeing a rise in demand for eco-friendly and sustainable tourism options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Package Holidays market in Puerto Rico is experiencing a notable shift in consumer preferences and market trends, influenced by both local special circumstances and underlying macroeconomic factors.

Customer preferences: Travelers in Puerto Rico are increasingly seeking all-inclusive package holidays that offer convenience and value for money. With busy lifestyles, customers prefer the ease of booking a comprehensive package that includes accommodation, meals, and activities. Additionally, there is a growing demand for package holidays that cater to specific interests such as eco-tourism, adventure sports, and cultural experiences.

Trends in the market: One prominent trend in the Package Holidays market in Puerto Rico is the rise of sustainable and eco-friendly tourism packages. Travelers are showing a preference for environmentally conscious options that support local communities and preserve the natural beauty of the island. This trend aligns with global efforts towards sustainable tourism practices and reflects a shift towards more responsible travel choices.

Local special circumstances: Puerto Rico's unique blend of Caribbean culture, rich history, and diverse landscapes make it an attractive destination for package holidays. The island's status as a U. S. territory also plays a significant role in shaping the market, as it offers travelers a familiar setting with the added allure of exotic experiences. The recovery and rebuilding efforts following natural disasters have also influenced the market, with a focus on promoting tourism to support the local economy.

Underlying macroeconomic factors: Economic stability and government initiatives to promote tourism have contributed to the growth of the Package Holidays market in Puerto Rico. Favorable exchange rates, investment in infrastructure, and marketing campaigns have increased the island's visibility as a top holiday destination. Additionally, partnerships between local businesses and international tour operators have expanded the range of package holiday options available to travelers, further driving market growth.

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.