Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Denmark has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Denmark are increasingly seeking unique and authentic experiences, leading to a rise in demand for vacation rentals over traditional hotels. The flexibility, privacy, and often lower cost of vacation rentals appeal to a wide range of visitors, from families to solo travelers.
Trends in the market: One notable trend in the Danish vacation rental market is the increasing popularity of eco-friendly and sustainable accommodations. Travelers are becoming more conscious of their environmental impact and are actively seeking green options for their stays. As a result, property owners are investing in eco-friendly features and promoting their sustainability efforts to attract environmentally conscious guests.
Local special circumstances: Denmark's strong focus on design and aesthetics is reflected in the vacation rental market, with many properties boasting stylish and modern interiors. This attention to design, combined with the country's reputation for hygge (coziness), creates a unique and inviting atmosphere for travelers looking to immerse themselves in Danish culture.
Underlying macroeconomic factors: The overall stability of Denmark's economy and its strong tourism industry play a significant role in the growth of the vacation rental market. As the country continues to attract a growing number of international visitors, the demand for alternative accommodations like vacation rentals is expected to remain high. Additionally, government support for sustainable tourism practices and initiatives further drives the development of eco-friendly vacation rentals in Denmark.
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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