Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
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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