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Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Central Asia is experiencing a surge in popularity, driven by changing customer preferences and unique local circumstances.
Customer preferences: Travelers in Central Asia are increasingly seeking unique and authentic experiences, opting for vacation rentals over traditional hotels. The desire to immerse themselves in local culture and live like a resident is driving the demand for vacation rental properties. Additionally, the flexibility and cost-effectiveness of vacation rentals appeal to budget-conscious travelers looking for affordable accommodation options.
Trends in the market: In countries like Kazakhstan and Uzbekistan, there is a growing trend of property owners capitalizing on the tourism boom by converting their homes into vacation rentals. This trend not only expands the accommodation options for travelers but also boosts the local economy by encouraging entrepreneurship in the hospitality sector. Moreover, the rise of online platforms and apps facilitating easy booking and payment processes has made vacation rentals more accessible to a wider audience.
Local special circumstances: Central Asia's rich cultural heritage and diverse landscapes make it an attractive destination for travelers seeking off-the-beaten-path experiences. Countries like Kyrgyzstan with its stunning mountain ranges and Turkmenistan with its historical sites are witnessing an increase in demand for vacation rentals in unique locations. The region's warm hospitality and welcoming locals also contribute to the growing popularity of vacation rentals as visitors look for authentic interactions and personalized service.
Underlying macroeconomic factors: The improving infrastructure and connectivity in Central Asia, coupled with government initiatives to promote tourism, are driving the growth of the vacation rentals market. As the region opens up to international visitors and invests in tourism development, the demand for alternative accommodation options like vacation rentals is expected to continue rising. Additionally, the economic benefits of hosting tourists in vacation rental properties are incentivizing property owners to participate in the market, further fueling its 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.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)