It depends. Waterproof wall panelling is designed to be better than tiles, not cheaper than tiles. Walls need to be thoroughly prepared to take ceramic tiles, and this can be a quite significant cost on top of the installation and purchase costs. Waterproof wall panelling is much more forgiving and will go up over a variety of substrates without any preparation. It is also relatively easy to install so the average DIYer will be able to install wall panelling themselves.