Vacation Rentals - Guatemala

Guatemala

Highlights

By 2024, revenue in Guatemala's Vacation Rentals market is projected to reach US$116.30m.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 5.76%, resulting in a projected market volume of US$153.90m by 2029.
Moreover, the number of users in Guatemala's Vacation Rentals market is expected to amount to 2.55m users by 2029, with user penetration projected to hit 12.9% by 2029.
In 2024, the user penetration is calculated at 10.3%.
The average revenue per user (ARPU) for the Vacation Rentals market is expected to be US$61.44 in Guatemala.
It is projected that 76% of total revenue in this market will be generated through online sales by 2029.
Finally, in comparison to other countries, United States is expected to generate the most revenue in the Vacation Rentals market, with a projected revenue of US$20bn by 2024.
Guatemala's Vacation Rentals market is seeing a rise in eco-friendly properties offering authentic experiences in stunning natural surroundings.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Guatemala, known for its rich culture and stunning landscapes, has seen a significant rise in the Vacation Rentals market in recent years.

Customer preferences: Travelers in Guatemala are increasingly opting for vacation rentals over traditional hotels due to the desire for a more authentic and immersive experience. Many visitors are drawn to the idea of staying in a local neighborhood, interacting with residents, and experiencing the culture firsthand. This shift in preferences has led to a growing demand for unique and personalized accommodation options.

Trends in the market: One notable trend in the Guatemalan Vacation Rentals market is the increasing popularity of eco-friendly and sustainable properties. Travelers are becoming more environmentally conscious and seek accommodations that align with their values. As a result, eco-lodges, treehouses, and off-grid cabins are gaining traction among tourists looking to minimize their carbon footprint while enjoying a relaxing getaway.

Local special circumstances: Guatemala's diverse geography and abundance of natural attractions provide ample opportunities for vacation rental owners. Properties situated near volcanoes, lakes, or ancient ruins attract a steady stream of tourists seeking adventure and exploration. Additionally, the country's vibrant markets, colorful festivals, and Mayan heritage contribute to its appeal as a unique travel destination, further driving the demand for vacation rentals.

Underlying macroeconomic factors: The steady growth of Guatemala's tourism industry, coupled with increasing disposable incomes and improved infrastructure, has created a favorable environment for the Vacation Rentals market to thrive. As the government continues to promote tourism and invest in the sector, more travelers are discovering the beauty and charm of Guatemala, fueling the demand for alternative accommodation options. Additionally, the rise of digital platforms and online booking services has made it easier for property owners to market their rentals and reach a global audience, contributing to the expansion of the Vacation Rentals market 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.