Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
Over the past few years, the Vacation Rentals market in Chile has experienced significant growth and transformation.
Customer preferences: Travelers in Chile are increasingly seeking unique and authentic experiences, leading to a rise in demand for vacation rentals over traditional hotels. The flexibility, privacy, and cost-effectiveness of vacation rentals appeal to a wide range of customers, from budget-conscious travelers to families and group travelers.
Trends in the market: One notable trend in the Chilean Vacation Rentals market is the increasing popularity of eco-friendly and sustainable properties. Travelers are more conscious of their environmental impact and are actively seeking accommodations that align with their values. This trend has led to the emergence of eco-friendly vacation rental options across Chile, catering to the growing demand for sustainable travel experiences.
Local special circumstances: Chile's diverse geography and natural beauty play a significant role in shaping the Vacation Rentals market. From the stunning beaches of the Pacific Coast to the picturesque vineyards in the Central Valley and the rugged landscapes of Patagonia, Chile offers a wide variety of vacation rental options to suit different preferences. This diversity attracts a range of travelers looking to explore the country's unique landscapes and cultural offerings.
Underlying macroeconomic factors: The stable economic growth and increasing disposable income levels in Chile have contributed to the growth of the Vacation Rentals market. As more Chileans have the means to travel domestically and internationally, the demand for vacation rentals as an alternative accommodation option has risen. Additionally, the government's efforts to promote tourism and improve infrastructure have further boosted the development of the Vacation Rentals market in Chile.
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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