Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Israel has been experiencing a significant growth in recent years.
Customer preferences: Travelers in Israel are increasingly looking for unique and authentic experiences, leading to a growing demand for vacation rentals over traditional hotels. Many tourists prefer the flexibility and privacy that vacation rentals offer, allowing them to immerse themselves in the local culture and lifestyle.
Trends in the market: One noticeable trend in the Israeli vacation rental market is the rise of boutique and luxury properties. Travelers are willing to pay a premium for high-end accommodations with personalized services and amenities. Additionally, there is a growing popularity of eco-friendly and sustainable vacation rentals, aligning with the global trend towards responsible tourism.
Local special circumstances: Israel's diverse landscape and rich history make it a popular destination for tourists seeking both relaxation and exploration. The country's vibrant cities, stunning beaches, and historical sites attract a wide range of visitors, contributing to the increasing demand for vacation rentals. Furthermore, the sharing economy has gained traction in Israel, with platforms offering a variety of unique and affordable accommodation options for travelers.
Underlying macroeconomic factors: The strong economy and steady growth of tourism in Israel have played a significant role in the expansion of the vacation rental market. The government's efforts to promote tourism and improve infrastructure have also contributed to the overall development of the hospitality sector. Additionally, the increasing number of international visitors and growing domestic tourism have created a favorable environment for the vacation rental market to thrive.
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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