Travel & Tourism - Puerto Rico | Statista Market Forecast

In Puerto Rico, revenue in the Travel & Tourism market industry is projected to reach US$53.19m by 2024.
The market is expected to show an annual growth rate (CAGR 2024-2029) of 3.33%, leading to a projected market volume of US$62.65m by 2029.
The largest market in the market is the Hotels market, with a projected market volume of US$26.37m in 2024.
By 2029, the number of users in the Hotels market is expected to amount to 259.60k users.
In 2024, the user penetration rate is 11.8%, and it is expected to increase to 13.3% by 2029.
The average revenue per user (ARPU) is expected to amount to US$138.50.
By 2029, 68% of total revenue in the Travel & Tourism market in Puerto Rico will be generated through online sales.
In global comparison, United States is expected to generate the most revenue, with US$214bn in 2024.
Puerto Rico's travel and tourism industry is experiencing a rise in eco-tourism, with visitors seeking out the island's natural wonders and sustainable tourism options.

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.

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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.)

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.

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.