Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in MENA has been experiencing significant growth in recent years, driven by various factors influencing customer preferences and market trends.
Customer preferences: Customers in the MENA region are increasingly opting for vacation rentals over traditional hotel stays due to the flexibility and cost-effectiveness they offer. The desire for unique and authentic travel experiences has also contributed to the rise in demand for vacation rentals.
Trends in the market: In the UAE, the vacation rentals market is witnessing a surge in popularity, particularly in Dubai and Abu Dhabi. The growth can be attributed to the increasing number of tourists seeking alternative accommodation options beyond hotels. Additionally, the introduction of regulations to govern the vacation rental sector has provided a sense of security for both hosts and guests, further boosting market growth.
Local special circumstances: In Egypt, the vacation rentals market is evolving rapidly, especially in popular tourist destinations such as Cairo, Luxor, and Sharm El Sheikh. The country's rich cultural heritage and diverse attractions have made it a sought-after destination for travelers looking to immerse themselves in history and relaxation. The rise of vacation rentals in Egypt can also be attributed to the government's efforts to promote tourism and attract foreign investment in the sector.
Underlying macroeconomic factors: The growth of the vacation rentals market in MENA is also influenced by macroeconomic factors such as increasing disposable income levels, a growing middle class, and advancements in technology. These factors have made travel more accessible to a larger segment of the population, driving demand for alternative accommodation options like vacation rentals. Additionally, the region's strategic location between Europe, Asia, and Africa has positioned it as a hub for international tourism, further fueling the growth of the vacation rentals market.
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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