Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Puerto Rico, known for its beautiful beaches, vibrant culture, and rich history, has seen a notable development in its Travel & Tourism market.
Customer preferences: Travelers in Puerto Rico are increasingly seeking authentic and unique experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. This shift in preferences has led to a rise in ecotourism and cultural tourism activities, as visitors look to immerse themselves in the local environment and heritage.
Trends in the market: One prominent trend in the Puerto Rican Travel & Tourism market is the growing popularity of sustainable and responsible travel practices. Eco-friendly accommodations, organic dining options, and community-based tourism initiatives are on the rise as travelers become more conscious of their environmental impact and seek to support local communities.
Local special circumstances: Puerto Rico's unique status as a U. S. territory offers a blend of American comforts and Caribbean charm, making it an attractive destination for a wide range of travelers. The island's diverse landscapes, from lush rainforests to historic cities, provide a variety of experiences for visitors to enjoy. Additionally, Puerto Rico's rich cultural heritage, including its music, art, and cuisine, adds to the overall appeal of the destination.
Underlying macroeconomic factors: The recovery and rebuilding efforts following natural disasters, such as Hurricane Maria, have played a significant role in shaping the Travel & Tourism market in Puerto Rico. Infrastructure improvements, investments in hospitality services, and marketing campaigns promoting the island as a resilient and welcoming destination have contributed to the market's growth. Additionally, Puerto Rico's geographic location and accessibility from major U. S. cities have made it a convenient choice for travelers looking for a tropical getaway without the need for a passport.
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.
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