Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Central & Western Europe is experiencing a surge in popularity due to changing customer preferences and local special circumstances.
Customer preferences: Travelers in Central & Western Europe are increasingly seeking unique and authentic experiences during their vacations. This shift in preferences has led to a growing demand for vacation rentals over traditional hotels. Tourists are looking for accommodations that offer a more personal touch, allowing them to immerse themselves in the local culture and lifestyle.
Trends in the market: In countries like France and Italy, there is a rising trend of converting historical buildings such as castles, villas, and farmhouses into vacation rental properties. This trend not only caters to the demand for unique accommodations but also helps in preserving the cultural heritage of the region. Additionally, the increasing popularity of eco-tourism has led to a rise in demand for sustainable and environmentally friendly vacation rentals in countries like Germany and Switzerland.
Local special circumstances: Central & Western Europe is home to a diverse range of landscapes, from picturesque countryside to vibrant cities, making it a highly attractive destination for travelers. This variety in scenery and experiences has contributed to the growth of the vacation rentals market as tourists seek different types of accommodations based on their preferred activities and surroundings.
Underlying macroeconomic factors: The stability of the economy in Central & Western Europe has also played a significant role in the development of the vacation rentals market. With steady economic growth and increasing disposable incomes, more people are able to afford travel and accommodation options beyond traditional hotels. This has created a favorable environment for the expansion of vacation rental businesses and platforms in the region.
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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