Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
Over the past few years, Hungary has seen a significant growth in the Vacation Rentals market.
Customer preferences: Travelers in Hungary are increasingly seeking unique and authentic experiences during their vacations. This shift in consumer behavior has led to a rise in demand for vacation rental properties that offer a more personalized and local touch compared to traditional hotels. Tourists are looking for accommodations that allow them to immerse themselves in the culture and lifestyle of the destination.
Trends in the market: One of the prominent trends in the Hungarian Vacation Rentals market is the increasing popularity of rural and countryside properties. Travelers are drawn to the tranquility and natural beauty that these locations offer, providing a peaceful retreat from the hustle and bustle of city life. Additionally, the rise of digital platforms and online booking systems has made it easier for property owners to list their rentals and for travelers to discover and book them seamlessly.
Local special circumstances: Hungary's rich cultural heritage and diverse landscapes make it an attractive destination for tourists seeking a blend of history, architecture, and natural beauty. The country's thermal baths, historic castles, and vibrant festivals attract a wide range of visitors throughout the year. This unique appeal has contributed to the growth of the Vacation Rentals market as more tourists look for accommodations that complement their overall travel experience.
Underlying macroeconomic factors: The growing tourism industry in Hungary, supported by government initiatives and investments in infrastructure, has played a significant role in driving the Vacation Rentals market. Economic stability, increasing disposable incomes, and favorable exchange rates have also made Hungary an affordable destination for international travelers, further boosting the demand for vacation rental properties. Additionally, the flexibility and cost-effectiveness of vacation rentals compared to traditional hotels have made them a popular choice for budget-conscious travelers looking for quality accommodations.
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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