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Destination Market Insights: Cuba

  • March 2016
  • 28 pages
  • GlobalData
Report ID: 3713766

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Summary
The country had a record number of 3.5 million international arrivals in 2015, up from 3 million in 2014. This growth was mainly driven by the easing of travel constraints for American tourists, which led to a significant increase in the number of American tourists that visited the island in 2015, while European visitors grew by 11.4% in the same year, as many wanted to visit Cuba before the expected mass influx of American tourists.

Key Findings
The lifting of travel restrictions for Americans in the coming years will change Cuba's tourism industry. The island will almost double its number of international visitors in the next five years, surpassing 6 million international visitors in 2020, while inbound expenditure will also double in size and will reach US$5.9 billion in 2020. Cuba's hotel shortage is a main concern for the island as the number of international arrivals will grow rapidly in the coming years. There were 57,000 hotel rooms in 2015 and this is expected to grow to 68,000 rooms by 2020; however, more hotels need to be build to keep up with demand. AirBnB started operations in Cuba in April 2015, benefitted from the situation and quickly gained market share, with Cuba now their fastest growing market.

Synopsis
“Destination Market Insights: Cuba” provides detailed information on the Cuban inbound tourism sector, analyzing market data and providing insights. This report provides a better understanding of tourism flows, expenditure, and the airline, hotel, car rental, and travel intermediaries industries.

What else does this report offer?

- Detailed market analysis, information, and insights, including:

- Historic and forecast tourist volumes and values covering Cuba's inbound tourism sector

- Detailed analysis of tourist spending patterns for various categories in the travel and tourism sector, such as purpose of spending and top source markets.

Reasons To Buy
- Make strategic business decisions using historic and forecast market data related to Cuba's Inbound Travel and Tourism sector

- Understand the demand-side dynamics within the industry to identify key market trends and growth opportunities

- Direct the promotional efforts on most promising markets by identifying the key source and destination countries

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