Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Nordics has been experiencing significant growth and transformation in recent years.
Customer preferences: Customers in the Nordics are increasingly looking for unique and authentic travel experiences, driving the demand for vacation rentals over traditional hotels. They value privacy, flexibility, and the opportunity to immerse themselves in the local culture, which vacation rentals can offer.
Trends in the market: In Sweden, there is a growing trend of eco-friendly vacation rentals, catering to environmentally conscious travelers. These accommodations often highlight sustainable practices and provide a more nature-centric experience for guests. In Norway, the market is seeing a rise in demand for luxury vacation rentals, especially in scenic coastal areas and mountainous regions. Travelers are willing to pay a premium for high-end amenities and stunning views in their holiday accommodations. Denmark is witnessing a trend towards family-friendly vacation rentals, with many properties equipped with children's facilities and activities. This caters to the increasing number of families choosing vacation rentals for their holidays.
Local special circumstances: Finland, known for its picturesque lakeside cottages, has a unique market for vacation rentals. These traditional cottages offer visitors a chance to experience the country's nature up close and are particularly popular during the summer months for activities like fishing and sauna bathing. Iceland, although not geographically part of the Nordic region, is also experiencing growth in its vacation rental market. The country's popularity as a travel destination has led to an increase in demand for accommodations such as cozy cabins and modern apartments, especially in and around Reykjavik.
Underlying macroeconomic factors: The strong economies of the Nordic countries have contributed to the growth of the vacation rentals market, as consumers have more disposable income to spend on travel. Additionally, government support for tourism initiatives and infrastructure development has made the region more accessible to travelers, further fueling 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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