Vacation Rentals - Ghana

Ghana

Highlights

By 2024, the Vacation Rentals market in Ghana is expected to generate a revenue of US$172.20m.
Moreover, it is projected to exhibit an annual growth rate (CAGR 2024-2029) of 7.44% leading to an estimated market volume of US$246.50m by 2029.
In terms of the number of users, it is expected to reach 4.22m users by 2029.
The user penetration rate in this market is anticipated to increase from 8.1% in 2024 to 11.1% by 2029.
The average revenue per user (ARPU) is predicted to be around US$61.15.
Additionally, it is estimated that 70% of the total revenue will be generated through online sales by 2029.
It's worth noting that when compared globally, United States is expected to generate the most revenue in this market with a projected revenue of US$20bn in 2024.
Ghana's Vacation Rentals market is steadily growing due to an increase in tourism, with a particular focus on eco-friendly and culturally immersive accommodations.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vacation Rentals market in Ghana is experiencing a notable surge in popularity, driven by various factors that cater to the evolving needs and preferences of travelers in the region.

Customer preferences: Travelers in Ghana are increasingly seeking unique and authentic experiences, opting for vacation rentals over traditional accommodation options. This shift is fueled by a desire for more personalized stays, local immersion, and flexibility in accommodation choices. Additionally, the rise of digital platforms has made it easier for travelers to discover and book vacation rentals that suit their preferences and budget.

Trends in the market: One prominent trend in the Ghanaian Vacation Rentals market is the growing interest in eco-friendly and sustainable properties. Travelers are showing a preference for accommodations that prioritize environmental conservation and offer eco-conscious amenities. This trend aligns with global efforts towards sustainable tourism practices and reflects a growing awareness of environmental issues among consumers.

Local special circumstances: Ghana's rich cultural heritage and diverse natural landscapes make it a desirable destination for travelers seeking authentic experiences. Vacation rental properties that showcase the country's unique culture, such as traditional huts or eco-lodges, are gaining popularity among tourists looking to immerse themselves in the local way of life. Additionally, the country's stable political environment and improving infrastructure contribute to the growth of the Vacation Rentals market.

Underlying macroeconomic factors: The growth of the Vacation Rentals market in Ghana is also influenced by macroeconomic factors such as increasing disposable income levels and a growing middle class. As more Ghanaians have the financial means to travel domestically and internationally, the demand for alternative accommodation options like vacation rentals is on the rise. Additionally, the government's efforts to promote tourism and attract foreign investment play a role in driving the development of the hospitality sector, including 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.