Travel & Tourism - Guatemala

  • Guatemala
  • The Travel & Tourism market is expected to experience growth in Guatemala.
  • In 2024, revenue is projected to reach US$336.60m.
  • Furthermore, it is expected to achieve a Compound Annual Growth Rate (CAGR) of 5.89% from 2024 to 2028, resulting in a projected market volume of US$423.20m by 2028.
  • The Hotels market is expected to be the largest market with a projected market volume of US$180.60m in 2024.
  • By 2028, the number of users in Hotels is expected to reach 2,085.00k users.
  • In 2024, the user penetration is 13.0% and is expected to rise to 14.4% by 2028.
  • The projected Average Revenue per User (ARPU) is US$141.50.
  • Additionally, online sales are expected to generate 79% of total revenue in the Travel & Tourism market by 2028.
  • Finally, it is worth noting that United States is projected to generate the most revenue in the global comparison, with a predicted revenue of US$199bn in 2024.
  • Guatemala's diverse culture, ancient ruins, and breathtaking landscapes make it an emerging destination for sustainable and adventure tourism.

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

 
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Analyst Opinion

Guatemala, known for its rich history and stunning landscapes, has seen a significant rise in its Travel & Tourism market in recent years.

Customer preferences:
Travelers in Guatemala are increasingly seeking authentic cultural experiences, such as exploring ancient Mayan ruins and traditional markets. Additionally, there is a growing demand for eco-tourism activities, like visiting the country's lush rainforests and volcanic landscapes.

Trends in the market:
One notable trend in Guatemala's Travel & Tourism market is the increasing popularity of adventure tourism. Activities such as hiking, zip-lining, and volcano trekking are attracting thrill-seeking travelers looking for unique experiences in the country's diverse natural settings. Furthermore, the rise of digital nomadism has led to an influx of remote workers choosing Guatemala as a destination for its affordable cost of living and vibrant expat communities.

Local special circumstances:
Guatemala's unique blend of indigenous cultures and colonial heritage sets it apart as a compelling travel destination. The country's colorful festivals, traditional cuisine, and handicraft markets offer visitors a glimpse into its vibrant cultural tapestry. Moreover, Guatemala's strategic location in Central America makes it a convenient hub for travelers looking to explore the wider region.

Underlying macroeconomic factors:
The growth of Guatemala's Travel & Tourism market can be attributed to several macroeconomic factors, including government initiatives to promote the sector, improvements in infrastructure and transportation networks, and a focus on sustainable tourism development. Additionally, the country's stable political climate and favorable exchange rates have contributed to its appeal among international tourists seeking affordable yet enriching travel experiences.

Methodology

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.

Overview

  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • Travel Behavior
  • Global Comparison
  • Methodology
  • Key Market Indicators
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