Vacation Rentals - Finland | Statista Market Forecast

Finland is projected to generate a revenue of US$382.50m in the Vacation Rentals market by 2024.
The revenue is expected to grow annually at a rate of 3.48%, resulting in a market volume of US$453.80m by 2029.
The number of users in this market is expected to reach 1.32m users by 2029.
User penetration is projected to be 22.1% in 2024 and is expected to increase to 23.8% by 2029.
The average revenue per user (ARPU) is estimated to be US$312.60.
By 2029, 87% of the total revenue in the Vacation Rentals market in Finland is expected to be generated through online sales.
In comparison with other countries, United States is projected to generate the most revenue in this market, with a revenue of US$20bn in 2024.
Finland's Vacation Rentals market is seeing a rise in popularity due to its picturesque natural scenery and abundance of outdoor activities.

Definition:

The Vacation Rentals market comprises of private accommodation bookings. This includes private holiday homes and houses, e.g., HomeAway, as well as short-term rental of private rooms or flats via portals such as Airbnb, in travel agencies or by telephone.

Additional Information:

The main performance indicators of the Vacation Rentals market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

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Short-term rental of private rooms or flats via portals such as Airbnb or telephone

Hotels and professionally-run accommodation such as guest houses

The Vacation Rentals market in Finland has been witnessing significant growth and development in recent years.

Customer preferences: Travelers in Finland are increasingly looking for unique and authentic experiences, driving the demand for vacation rentals. They prefer accommodations that offer a more personalized touch and a sense of local culture, which is fueling the popularity of vacation rentals over traditional hotels.

Trends in the market: One notable trend in the Finnish Vacation Rentals market is the rise of eco-friendly and sustainable properties. Travelers are becoming more environmentally conscious, leading to an increase in the number of eco-friendly vacation rentals in Finland. Additionally, there is a growing trend towards digitalization and online booking platforms, making it easier for travelers to find and book vacation rentals.

Local special circumstances: Finland's unique natural landscapes and outdoor activities are a major draw for tourists, contributing to the growth of the vacation rentals market. The country's picturesque lakes, forests, and Northern Lights attract visitors looking for a one-of-a-kind experience, making vacation rentals a popular choice for accommodation.

Underlying macroeconomic factors: The overall growth of the tourism industry in Finland, coupled with an increase in disposable income among travelers, has positively impacted the vacation rentals market. Additionally, government initiatives to promote tourism and sustainable travel practices have further boosted the demand for vacation rentals in the country.

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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