Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Africa is experiencing a surge in popularity, driven by a growing interest in unique travel experiences and a desire for more authentic stays.
Customer preferences: Travelers in Africa are increasingly seeking personalized and immersive experiences, opting for vacation rentals that offer a home-like environment and a chance to connect with local culture. This shift in preferences is fueled by the desire to explore off-the-beaten-path destinations and engage with the local community.
Trends in the market: In countries like South Africa and Kenya, there is a noticeable trend towards eco-friendly and sustainable vacation rentals, reflecting a global movement towards responsible tourism. These properties often emphasize environmental conservation and offer guests the opportunity to participate in eco-friendly practices during their stay.
Local special circumstances: Countries like Morocco and Egypt are witnessing a rise in demand for vacation rentals that showcase traditional architecture and design elements. Travelers are drawn to properties that offer a glimpse into the rich cultural heritage of these regions, providing a unique and memorable accommodation experience.
Underlying macroeconomic factors: The growth of the Vacation Rentals market in Africa is also influenced by the increasing availability of online booking platforms and the rise of digital payment solutions. This has made it easier for property owners to list their rentals and for travelers to discover and book accommodations, driving overall market expansion.
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.
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