Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Oman is experiencing a notable growth trajectory.
Customer preferences: Travelers in Oman are increasingly seeking unique and authentic experiences during their vacations, leading to a rise in demand for vacation rentals. Customers prefer the flexibility and privacy that vacation rentals offer compared to traditional hotels. Additionally, the trend of group travel and family vacations has contributed to the popularity of vacation rentals in Oman.
Trends in the market: One of the prominent trends in the Vacation Rentals market in Oman is the diversification of offerings. Property owners are now providing a wide range of options, from luxurious beachfront villas to traditional Omani homes, catering to different customer preferences. Moreover, the integration of technology in the vacation rental sector, such as online booking platforms and virtual tours, has made it more convenient for travelers to find and book accommodations.
Local special circumstances: Oman's unique cultural heritage and natural landscapes play a significant role in shaping the Vacation Rentals market. Tourists are increasingly drawn to the country's rich history, stunning deserts, and pristine beaches, leading to a growing demand for vacation rentals in these scenic locations. Property owners have capitalized on this trend by offering accommodations that showcase Oman's traditional architecture and provide easy access to tourist attractions.
Underlying macroeconomic factors: The growing tourism industry in Oman, supported by government initiatives to promote the country as a tourist destination, has positively impacted the Vacation Rentals market. The increasing number of international visitors, coupled with a rise in domestic tourism, has created a favorable environment for the growth of vacation rentals. Additionally, economic stability and infrastructure development in Oman have boosted investor confidence in the real estate sector, leading to more vacation rental properties entering the 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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