Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Estonia is experiencing a surge in popularity among tourists and travelers, with a growing number of visitors opting for unique and personalized accommodation options during their stay in the country.
Customer preferences: Travelers in Estonia are increasingly seeking authentic and immersive experiences, driving the demand for vacation rentals that offer a more local and personalized touch. This shift in consumer preferences can be attributed to the desire for a deeper connection with the destination and its culture, as well as the flexibility and comfort that vacation rentals provide compared to traditional hotels.
Trends in the market: One of the notable trends in the Vacation Rentals market in Estonia is the rise of eco-friendly and sustainable accommodation options. Travelers are becoming more conscious of their environmental impact and are actively seeking eco-friendly vacation rentals that promote sustainability. This trend aligns with the global movement towards responsible tourism and reflects the growing importance of environmental considerations in travel choices.
Local special circumstances: Estonia's unique cultural heritage and natural beauty make it an attractive destination for travelers looking to explore off-the-beaten-path locations. Vacation rentals in Estonia often highlight the country's rich history and picturesque landscapes, offering visitors a chance to experience the local way of life in charming settings. The presence of traditional wooden cottages, historic manor houses, and modern eco-friendly cabins adds to the diverse range of accommodation options available in the market.
Underlying macroeconomic factors: The development of the Vacation Rentals market in Estonia is also influenced by macroeconomic factors such as increasing disposable income levels and a growing emphasis on domestic tourism. As more Estonians choose to explore their own country for leisure purposes, the demand for vacation rentals as alternative accommodation options is on the rise. Additionally, the government's efforts to promote tourism and hospitality sectors further support the growth of the Vacation Rentals market in Estonia.
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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