Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in North Macedonia is experiencing a surge in popularity, driven by various factors that cater to the evolving needs and preferences of travelers.
Customer preferences: Travelers in North Macedonia are increasingly seeking unique and authentic experiences, opting for vacation rentals that offer a more personalized touch compared to traditional accommodation options. The desire for flexibility, privacy, and a homely atmosphere is driving the demand for vacation rentals in the country.
Trends in the market: One notable trend in the North Macedonian vacation rental market is the growing interest in rural and off-the-beaten-path locations. Travelers are looking to escape the hustle and bustle of popular tourist destinations and immerse themselves in the country's natural beauty and local culture. This trend is fueling the development of vacation rental properties in lesser-known areas, providing visitors with a chance to experience authentic Macedonian hospitality.
Local special circumstances: North Macedonia's rich cultural heritage, diverse landscapes, and warm hospitality make it an attractive destination for travelers seeking a unique and immersive experience. The country's strategic location at the crossroads of Europe, Asia, and Africa also contributes to its appeal, attracting a wide range of visitors with varying interests and preferences.
Underlying macroeconomic factors: The increasing popularity of vacation rentals in North Macedonia can also be attributed to the country's overall economic growth and stability. As disposable incomes rise and travel becomes more accessible to a larger segment of the population, the demand for alternative accommodation options such as vacation rentals is expected to continue to grow. Additionally, government initiatives to promote tourism and infrastructure development are further supporting the expansion of the vacation rental market 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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