Travel & Tourism - Peru

  • Peru
  • In Peru, the Travel & Tourism market is predicted to experience a remarkable revenue growth in the coming years.
  • By 2024, the projected revenue in this market is expected to reach US$2,043.00m.
  • Furthermore, the estimated Compound Annual Growth Rate (CAGR) between 2024 and 2028 is 4.58%, which is likely to result in a market volume projection of US$2,444.00m by 2028.
  • The most substantial market in the market is the Package Holidays market, where the projected market volume is anticipated to reach US$824.00m in 2024.
  • Regarding user statistics, the number of users in Package Holidays is estimated to increase to 5,991.00k users by 2028, with a user penetration rate of 23.2% in 2024, which is expected to grow to 25.3% by 2028.
  • The projected Average Revenue per User (ARPU) is expected to be US$253.30.
  • According to the forecast, 79% of the total revenue generated by the Travel & Tourism market will be through online sales by 2028.
  • Finally, in comparison to other countries worldwide, United States is predicted to generate the most revenue in the Travel & Tourism market, with a projected revenue of US$199bn in 2024.
  • Peru's travel and tourism industry is seeing a rise in popularity, with visitors flocking to explore its ancient ruins and vibrant culture.

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

 
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Analyst Opinion

Peru's Travel & Tourism market is experiencing significant growth and development, driven by various factors shaping the industry in the country.

Customer preferences:
Travelers in Peru are increasingly seeking authentic and unique experiences, driving the demand for cultural and adventure tourism. The rich history and diverse landscapes of Peru, including Machu Picchu and the Amazon rainforest, attract tourists looking for immersive experiences. Additionally, there is a growing interest in sustainable and eco-friendly travel practices among visitors to the country.

Trends in the market:
One notable trend in Peru's Travel & Tourism market is the rise of experiential travel, where tourists actively participate in local traditions and activities. This trend is reflected in the popularity of homestays, community-based tourism initiatives, and culinary tours. Furthermore, the increasing connectivity and accessibility within the country are making off-the-beaten-path destinations more reachable for travelers, contributing to the overall growth of the market.

Local special circumstances:
Peru's unique cultural heritage and natural wonders play a significant role in shaping the Travel & Tourism market. The country's archaeological sites, such as the Nazca Lines and the Sacred Valley, attract history enthusiasts and adventure seekers alike. Moreover, the Peruvian gastronomy, renowned worldwide, has become a key driver for food tourism in the country, with visitors eager to explore the diverse flavors and ingredients of Peruvian cuisine.

Underlying macroeconomic factors:
The growth of Peru's Travel & Tourism market is also influenced by macroeconomic factors such as infrastructure development, government initiatives to promote tourism, and international partnerships. Investments in transportation infrastructure, including airports and roads, have improved accessibility to different regions of the country, boosting tourism growth. Additionally, government campaigns to promote Peru as a tourist destination and partnerships with international travel agencies have helped increase the country's visibility in the global tourism market.

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
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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