Market Insights Mobility Travel & Tourism

Package Holidays - Bolivia

Bolivia

Bolivia is expected to witness a significant rise in the revenue of the Package Holidays market in the coming years.
It is projected to reach US$322.20m by 2024, with an annual growth rate (CAGR 2024-2028) of 2.28%.
Consequently, the market volume is estimated to expand, reaching US$352.60m by 2028.
In terms of user base, the Package Holidays market is expected to attract 1.07m users users by 2028.
The user penetration, which stood at 8.5% in 2024, is anticipated to decrease to 8.1% by 2028.
The average revenue per user (ARPU) is expected to be US$302.80.
Furthermore, 61% of the total revenue generated in the Package Holidays market will be contributed by online sales by 2028.
It is noteworthy that China is expected to generate the highest revenue in this market globally, amounting to US$59,860m in 2024.
Despite the country's diverse landscapes and cultural attractions, package holidays to Bolivia remain relatively niche due to limited infrastructure and high costs.

Key regions: United Kingdom, India, Indonesia, Germany, Malaysia

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Analyst Opinion

The Package Holidays market in Bolivia is experiencing significant growth and transformation, driven by various factors influencing customer preferences and market trends.

Customer preferences: Bolivian travelers are increasingly seeking convenience, affordability, and unique experiences when choosing package holidays. The demand for all-inclusive packages that cover accommodation, meals, and activities is on the rise as it simplifies travel planning and budgeting for customers. Additionally, there is a growing interest in eco-friendly and sustainable tourism practices among Bolivian travelers, leading to a rise in packages that promote responsible travel and support local communities.

Trends in the market: One notable trend in the Bolivian Package Holidays market is the diversification of offerings to cater to different traveler segments. Companies are now providing specialized packages for adventure enthusiasts, cultural explorers, and wellness seekers to meet the varying preferences of Bolivian travelers. Moreover, digitalization has played a crucial role in the market, with online booking platforms and social media influencing how packages are marketed and sold to customers in Bolivia.

Local special circumstances: The unique cultural and geographical attractions in Bolivia, such as the Andean mountains, Amazon rainforest, and indigenous communities, have positioned the country as a desirable destination for package holidays. The rich cultural heritage and natural landscapes offer a wide range of opportunities for tour operators to design appealing packages that showcase the diversity of Bolivia. Additionally, the government's efforts to promote tourism and improve infrastructure have further boosted the Package Holidays market in the country.

Underlying macroeconomic factors: The growing middle-class population in Bolivia, coupled with increasing disposable incomes, has contributed to the expansion of the Package Holidays market. As more Bolivians have the financial means to travel, the demand for packaged tours has surged, driving market growth. Furthermore, the stability of the country's economy and the relatively low inflation rate have instilled confidence in consumers, encouraging them to invest in travel experiences through package holidays.

Methodology

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.