Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Ivory Coast is experiencing a notable growth trajectory.
Customer preferences: Travelers in Ivory Coast are increasingly seeking unique and authentic experiences, driving the demand for vacation rentals over traditional accommodation options. Tourists are looking for opportunities to immerse themselves in the local culture and lifestyle, making vacation rentals an appealing choice.
Trends in the market: One prominent trend in the Ivory Coast vacation rental market is the rise of online platforms connecting property owners with potential guests. This has made it easier for homeowners to list their properties and for travelers to discover and book accommodations. Additionally, the growing popularity of domestic tourism is boosting the demand for vacation rentals within the country.
Local special circumstances: Ivory Coast's rich cultural heritage and diverse landscapes, including stunning beaches and lush rainforests, make it an attractive destination for both domestic and international tourists. This has led to an increase in the number of vacation rental properties, catering to different preferences and budgets of travelers.
Underlying macroeconomic factors: The improving economic conditions in Ivory Coast, coupled with government initiatives to promote tourism, are playing a significant role in the development of the vacation rental market. As disposable incomes rise and infrastructure improves, more people are able to travel within the country, driving the demand for alternative accommodation options like 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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