Vacation Rentals - Jamaica

Jamaica

Highlights

By 2024, revenue in Jamaica's Vacation Rentals market is anticipated to reach US$20.37m.
Furthermore, the market is expected to witness an annual growth rate (CAGR 2024-2029) of 4.46%, resulting in a projected market volume of US$25.34m by 2029.
In the same period, the number of users in the Vacation Rentals market is expected to surge to 306.60k users.
The user penetration rate, which is 9.6% in 2024, is expected to increase to 10.9% by 2029.
Additionally, the average revenue per user (ARPU) is expected to be US$75.05.
It is projected that 66% of the total revenue in the Vacation Rentals market will be generated through online sales by 2029.
Finally, when compared globally, it is expected that United States will generate the most revenue (US$20bn in 2024) in the Vacation Rentals market.
Jamaica's Vacation Rentals market is seeing an uptick in demand, driven by the country's stunning beaches and vibrant culture.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Amidst the vibrant Caribbean culture and breathtaking beaches of Jamaica, the Vacation Rentals market is experiencing significant growth and evolution.

Customer preferences: Travelers visiting Jamaica are increasingly seeking unique and personalized accommodation options, such as luxury villas, beachfront cottages, and eco-friendly retreats. These preferences align with the global trend of experiential travel, where tourists prioritize authentic experiences and local immersion.

Trends in the market: One notable trend in the Jamaican Vacation Rentals market is the rise of boutique properties and homestays, offering a more intimate and culturally immersive stay for tourists. Additionally, there is a growing demand for eco-friendly and sustainable accommodations, reflecting a shift towards responsible tourism practices in the region.

Local special circumstances: Jamaica's rich cultural heritage and natural beauty make it a prime destination for vacation rentals. The island's diverse landscape, including lush mountains, crystal-clear waters, and vibrant cities, caters to a wide range of preferences among travelers. This diversity contributes to the increasing popularity of vacation rentals as visitors seek unique experiences in different parts of the island.

Underlying macroeconomic factors: The growth of the Vacation Rentals market in Jamaica is also influenced by macroeconomic factors such as increasing disposable incomes in key source markets, improved air connectivity, and government initiatives to promote tourism. These factors have led to a steady influx of international tourists looking for high-quality and authentic accommodation options during their stay in Jamaica.

Data coverage:

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

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.