Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Georgia has been experiencing a significant growth in recent years, attracting both domestic and international travelers looking for unique accommodation options.
Customer preferences: Travelers in Georgia are increasingly seeking authentic and immersive experiences, driving the demand for vacation rentals. They prefer staying in local neighborhoods to experience the culture firsthand, rather than traditional hotel accommodations. Additionally, the flexibility and cost-effectiveness of vacation rentals appeal to budget-conscious travelers, especially families and groups.
Trends in the market: One notable trend in the Vacation Rentals market in Georgia is the rise of eco-friendly and sustainable properties. Travelers are becoming more environmentally conscious, leading to a growing demand for green accommodations that minimize their carbon footprint. Another trend is the increasing popularity of luxury vacation rentals, catering to high-end travelers looking for upscale amenities and personalized services.
Local special circumstances: Georgia's unique blend of history, culture, and natural beauty makes it a desirable destination for vacation rentals. The country's diverse landscape, including the Caucasus Mountains and the Black Sea coast, offers a wide range of options for travelers seeking different experiences. The growing popularity of Georgia as a filming location for movies and TV shows has also contributed to the rise of vacation rentals, as tourists are drawn to locations they have seen on screen.
Underlying macroeconomic factors: The growth of the Vacation Rentals market in Georgia can be attributed to various macroeconomic factors, including the country's efforts to promote tourism and improve infrastructure. Government initiatives to attract foreign investment and simplify visa procedures have made Georgia more accessible to international travelers. Additionally, the increasing number of low-cost airlines operating in the region has made it easier and more affordable for tourists to visit the country, boosting the demand for vacation rentals.
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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