Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Morocco has been experiencing significant growth and development in recent years.
Customer preferences: Tourists visiting Morocco are increasingly seeking unique and authentic travel experiences, leading to a growing demand for vacation rentals over traditional hotel accommodations. Many travelers prefer the flexibility, privacy, and local immersion that vacation rentals can offer, contributing to the popularity of this market segment.
Trends in the market: One notable trend in the Moroccan vacation rentals market is the rise of online platforms and digital booking services, making it easier for property owners to list their rentals and for travelers to find and book accommodations. This increased accessibility and transparency have fueled the market's expansion, attracting a wider range of customers.
Local special circumstances: Morocco's diverse and rich cultural heritage, stunning landscapes, and vibrant cities make it a desirable destination for travelers from around the world. The country's strategic location at the crossroads of Europe, Africa, and the Middle East also plays a role in driving tourism and the demand for vacation rentals. Additionally, the Moroccan government has been investing in infrastructure and tourism development, further supporting the growth of the vacation rentals market.
Underlying macroeconomic factors: The overall growth of the tourism industry in Morocco, supported by stable economic conditions and government initiatives, has had a positive impact on the vacation rentals market. As more tourists flock to the country each year, the demand for alternative accommodations continues to rise. Additionally, Morocco's competitive pricing compared to other popular tourist destinations in the region makes it an attractive option for budget-conscious travelers, further boosting 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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