Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Eastern Europe has been experiencing significant growth in recent years.
Customer preferences: Travelers in Eastern Europe are increasingly seeking unique and authentic experiences during their vacations. This has led to a rise in demand for vacation rentals that offer a more personalized and local touch compared to traditional hotels.
Trends in the market: In countries like Croatia and Montenegro, coastal vacation rentals are particularly popular due to the stunning beaches and picturesque landscapes. On the other hand, in countries like Hungary and Czech Republic, urban vacation rentals in cities like Budapest and Prague are in high demand for their rich history and cultural attractions.
Local special circumstances: Countries in Eastern Europe often offer more affordable vacation rental options compared to Western European destinations, making them attractive to budget-conscious travelers. Additionally, the region's diverse cultural heritage and natural beauty make it a desirable location for travelers looking for a mix of history, adventure, and relaxation.
Underlying macroeconomic factors: The increasing popularity of Eastern Europe as a tourist destination can be attributed to factors such as improved infrastructure, better connectivity through low-cost airlines, and a growing focus on tourism development by local governments. Additionally, the region's relative affordability compared to Western Europe makes it an appealing choice for travelers looking for value for money.
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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