Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Czechia has been experiencing significant growth in recent years, attracting both domestic and international tourists.
Customer preferences: Travelers in Czechia are increasingly seeking unique and authentic experiences, fueling the demand for vacation rentals over traditional hotel stays. Customers appreciate the flexibility, privacy, and often lower cost that vacation rentals offer compared to hotels.
Trends in the market: One notable trend in the Czech vacation rental market is the increasing popularity of rural and countryside properties. Tourists are drawn to the picturesque landscapes and tranquility that these locations provide, seeking a break from the hustle and bustle of city life. This trend is in line with the global shift towards sustainable and nature-oriented travel experiences.
Local special circumstances: Czechia's rich cultural heritage and historical sites make it a desirable destination for travelers looking to immerse themselves in history. As a result, vacation rentals located in close proximity to key tourist attractions or in charming historic buildings are in high demand. The unique architecture and traditional charm of many Czech vacation rental properties further enhance the overall guest experience.
Underlying macroeconomic factors: The growth of the vacation rentals market in Czechia can also be attributed to the overall increase in tourism to the country. As more international visitors discover the beauty and cultural offerings of Czechia, the demand for alternative accommodation options such as vacation rentals continues to rise. Additionally, the ease of booking vacation rentals online through various platforms has made it more convenient for travelers to find and secure accommodation that suits their preferences and budget.
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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Mon - Fri, 9am - 6pm (EST)
