Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
Luxembourg, known for its picturesque landscapes and rich cultural heritage, has seen a notable development in the Vacation Rentals market.
Customer preferences: Travelers in Luxembourg are increasingly seeking unique and personalized experiences during their vacations. The demand for vacation rentals has been on the rise as tourists look for accommodations that offer a more authentic and immersive stay. This shift in preferences can be attributed to a growing desire for local interactions and a deeper exploration of the destination.
Trends in the market: One prominent trend in the Vacation Rentals market in Luxembourg is the growing popularity of eco-friendly and sustainable accommodations. Travelers are showing a preference for properties that prioritize environmental conservation and promote responsible tourism practices. This trend aligns with global efforts towards sustainability and reflects a heightened awareness of environmental issues among consumers.
Local special circumstances: Luxembourg's small geographical size and high population density have influenced the Vacation Rentals market in unique ways. The limited availability of land for new construction has led to a focus on renovating existing properties for vacation rental purposes. This has resulted in a diverse range of accommodations, from historic buildings to modern apartments, catering to different preferences of travelers.
Underlying macroeconomic factors: The stability of Luxembourg's economy and its status as a global financial hub have contributed to the growth of the Vacation Rentals market. The country's strong GDP per capita and high standard of living have increased disposable income levels, enabling more residents to invest in vacation rental properties. Additionally, Luxembourg's strategic location in Europe and its well-connected transportation infrastructure have attracted a steady flow of international tourists, further driving the demand for 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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