Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Mexico has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Mexico are increasingly seeking unique and personalized experiences, driving the demand for vacation rentals over traditional hotels. The flexibility, space, and amenities offered by vacation rentals cater to the preferences of families, groups of friends, and even solo travelers looking for a home-away-from-home experience.
Trends in the market: One notable trend in the Mexican vacation rentals market is the rise of digital platforms and online booking services, making it easier for property owners to list their accommodations and for travelers to discover and book them. This trend has significantly expanded the market and diversified the options available to consumers.
Local special circumstances: Mexico's diverse landscape and rich cultural heritage make it a popular tourist destination, attracting visitors from all over the world. The country's vibrant cities, beautiful beaches, and historical sites provide a wide range of opportunities for vacation rental investments. Additionally, the popularity of events such as festivals, weddings, and corporate retreats has further boosted the demand for unique accommodation options.
Underlying macroeconomic factors: The growing middle class in Mexico, coupled with an increase in disposable income, has contributed to the expansion of the vacation rentals market. As more people are able to afford travel and seek memorable experiences, the demand for alternative accommodations continues to rise. Additionally, government initiatives to promote tourism and infrastructure development have also played a role in supporting the growth of the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of vacation rentals.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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
