Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Ethiopia has been experiencing significant growth in recent years.
Customer preferences: Travelers in Ethiopia are increasingly seeking unique and authentic experiences, leading to a growing demand for vacation rentals over traditional hotel accommodations. Tourists are looking for opportunities to immerse themselves in the local culture and lifestyle, driving the popularity of vacation rental properties that offer a more personalized and intimate stay.
Trends in the market: One notable trend in the Ethiopian vacation rentals market is the rise of eco-friendly and sustainable properties. Travelers are becoming more environmentally conscious and are actively seeking accommodations that align with their values. As a result, there has been an increase in the number of eco-friendly vacation rentals in Ethiopia, attracting environmentally conscious tourists.
Local special circumstances: Ethiopia's diverse landscapes and rich cultural heritage make it an attractive destination for tourists seeking a unique travel experience. The country's unique blend of history, culture, and natural beauty has contributed to the growth of the vacation rentals market as more travelers look to explore the country beyond the conventional tourist sites. Additionally, the warm hospitality of the Ethiopian people has played a significant role in driving the demand for vacation rental properties.
Underlying macroeconomic factors: The improving infrastructure and connectivity in Ethiopia have made it easier for tourists to explore different regions of the country, leading to an increase in domestic and international travel. The government's efforts to promote tourism and attract foreign investment have also positively impacted the vacation rentals market. Additionally, the growing middle class in Ethiopia has resulted in an increase in disposable income, allowing more people to afford vacations and driving the demand for vacation rental accommodations.
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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