Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
Jordan's Vacation Rentals market is experiencing a steady growth in recent years, driven by various factors that cater to the evolving needs and preferences of travelers.
Customer preferences: Travelers in Jordan are increasingly seeking unique and authentic experiences, opting for vacation rentals over traditional hotels. They prefer the flexibility, space, and privacy that vacation rentals offer, allowing them to immerse themselves in the local culture and lifestyle. Additionally, the rise of remote work has led to a growing demand for longer stays in vacation rentals, as digital nomads look for comfortable and well-equipped accommodations.
Trends in the market: One notable trend in Jordan's Vacation Rentals market is the expansion of offerings beyond urban areas to include more rural and off-the-beaten-path locations. Travelers are now looking to explore the country's natural beauty and historical sites, driving the growth of vacation rentals in these areas. Moreover, the increasing popularity of sustainable and eco-friendly travel has prompted vacation rental hosts to implement green practices and offer environmentally conscious amenities.
Local special circumstances: Jordan's unique cultural heritage and historical significance make it a desirable destination for travelers seeking enriching experiences. The country's diverse landscapes, from the ancient city of Petra to the shores of the Dead Sea, attract a wide range of visitors, contributing to the demand for vacation rentals across different regions. Additionally, Jordan's warm hospitality and rich culinary scene enhance the overall appeal of staying in vacation rentals.
Underlying macroeconomic factors: The stability of Jordan's economy and government policies have played a crucial role in supporting the growth of the Vacation Rentals market. As the tourism sector continues to be a key driver of economic development, the government has implemented initiatives to promote tourism and attract foreign investment. This favorable business environment, coupled with strategic marketing efforts to showcase Jordan as a safe and welcoming destination, has bolstered the demand for vacation rentals 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.
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