Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in EU-27 has been experiencing significant growth and evolution in recent years.
Customer preferences: Travelers in the EU-27 region are increasingly seeking unique and personalized accommodation options, driving the demand for vacation rentals. Customers prefer the flexibility, space, and local experience that vacation rentals offer compared to traditional hotels. Additionally, the rise of digital platforms has made it easier for travelers to discover and book vacation rental properties that suit their preferences.
Trends in the market: In countries like France and Spain, popular tourist destinations, the vacation rental market has seen a surge in demand, driven by a growing number of tourists opting for vacation rentals over hotels. The market is becoming more competitive, leading to property owners and managers offering additional amenities and services to attract guests. Moreover, the trend of "staycations" has also contributed to the growth of the vacation rental market in certain EU-27 countries.
Local special circumstances: Countries like Italy and Greece, known for their picturesque landscapes and rich cultural heritage, have seen a rise in demand for vacation rentals in rural and coastal areas. Tourists are increasingly looking for off-the-beaten-path experiences, leading to the popularity of vacation rentals in these regions. Additionally, regulatory changes and government initiatives in some EU-27 countries have impacted the vacation rental market, influencing pricing and property availability.
Underlying macroeconomic factors: The economic stability and growth in the EU-27 region have played a crucial role in the development of the vacation rental market. Increasing disposable incomes and a strong tourism industry have contributed to the rise in domestic and international travel, boosting the demand for vacation rentals. Furthermore, the shift towards remote work and flexible lifestyles has also influenced travelers to choose vacation rentals for longer stays and workations.
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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