Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Norway has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Norway are increasingly seeking unique and authentic experiences, leading to a rise in demand for vacation rentals over traditional hotels. Many tourists prefer the flexibility and privacy offered by vacation rentals, allowing them to immerse themselves in the local culture and lifestyle.
Trends in the market: One notable trend in the Norwegian vacation rental market is the increasing popularity of eco-friendly and sustainable accommodations. Travelers are showing a growing interest in environmentally conscious options, driving the development of eco-friendly vacation rentals in scenic and nature-rich locations across the country. Additionally, the rise of digital platforms and online booking systems has made it easier for property owners to list their rentals and for travelers to discover and book unique accommodations.
Local special circumstances: Norway's stunning natural landscapes, including fjords, mountains, and picturesque coastal towns, attract a large number of tourists seeking outdoor adventures and peaceful retreats. This unique environment has contributed to the growth of the vacation rental market, with many properties offering breathtaking views and proximity to nature. Additionally, the Norwegian government's support for tourism initiatives and sustainable travel practices has further boosted the vacation rental sector.
Underlying macroeconomic factors: The stable economy and high standard of living in Norway have increased disposable income levels among the population, enabling more people to travel and explore domestic destinations. The country's strong focus on sustainability and environmental conservation aligns with the preferences of modern travelers, driving the demand for eco-friendly vacation rentals. Moreover, the growth of the sharing economy and the increasing popularity of online booking platforms have made it easier for property owners to enter the vacation rental market and for travelers to find unique and personalized accommodations.
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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