Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Bhutan is experiencing a notable growth trajectory, reflecting the increasing popularity of this accommodation option among travelers visiting the country.
Customer preferences: Travelers in Bhutan are showing a growing preference for vacation rentals over traditional hotel stays due to the unique experience and flexibility they offer. Many visitors seek authentic cultural experiences and interactions with locals, which vacation rentals can provide. Additionally, the privacy and comfort of having a fully equipped home during their stay appeal to a wide range of travelers, from families to solo adventurers.
Trends in the market: One of the prominent trends in the Bhutanese Vacation Rentals market is the rise of eco-friendly and sustainable properties. As the country places a strong emphasis on environmental conservation and sustainability, travelers are increasingly seeking accommodation options that align with these values. This trend is driving the development of eco-lodges and green vacation rentals in Bhutan, catering to a niche but growing market segment.
Local special circumstances: Bhutan's unique tourism policy, which focuses on high-value, low-impact tourism, has a significant impact on the Vacation Rentals market. The limited number of tourists allowed to visit Bhutan each year means that demand for accommodation, including vacation rentals, often exceeds supply. This scarcity has led to a rise in the development of upscale and exclusive vacation rental properties, targeting luxury travelers willing to pay a premium for a unique experience in this pristine Himalayan kingdom.
Underlying macroeconomic factors: The steady economic growth and increasing disposable income levels in Bhutan are contributing to the expansion of the Vacation Rentals market. As more Bhutanese households look to capitalize on the growing tourism industry, there has been a rise in the number of local hosts offering vacation rental properties. This trend not only boosts the supply of accommodation options but also promotes community-based tourism initiatives, enhancing the overall travel experience for visitors to Bhutan.
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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