Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Latvia continues to experience growth and evolution, reflecting changing consumer preferences and economic dynamics.
Customer preferences: Travelers in Latvia are increasingly seeking unique and authentic experiences, driving the demand for vacation rentals over traditional accommodation options. The flexibility, privacy, and local charm offered by vacation rentals appeal to a wide range of visitors, from solo travelers to families and groups.
Trends in the market: One notable trend in the Latvian vacation rentals market is the rise of eco-friendly and sustainable properties. Travelers are showing a growing interest in environmentally conscious accommodation options, leading to an increase in eco-friendly vacation rentals across the country. Additionally, there is a noticeable shift towards digital platforms for booking vacation rentals, providing convenience and accessibility to both hosts and guests.
Local special circumstances: Latvia's rich cultural heritage and natural beauty make it a popular destination for tourists seeking immersive experiences. The country's diverse landscapes, including pristine beaches, dense forests, and historic towns, offer a wide variety of vacation rental opportunities. Additionally, the growing popularity of wellness tourism in Latvia has led to an increase in demand for vacation rentals with amenities such as spas, yoga studios, and wellness programs.
Underlying macroeconomic factors: The overall growth of the tourism industry in Latvia, supported by government initiatives and infrastructure development, plays a significant role in driving the vacation rentals market. The country's stable economic environment and increasing disposable income levels among the local population also contribute to the expansion of the market. Additionally, Latvia's strategic location within the Baltic region and its improving connectivity with other European countries attract a diverse range of international visitors, further boosting 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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