Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
Slovakia, a country known for its picturesque landscapes and rich cultural heritage, has seen a significant growth in the Vacation Rentals market in recent years.
Customer preferences: Travelers in Slovakia are increasingly seeking unique and authentic experiences, opting for vacation rentals over traditional hotel stays. This shift in preferences can be attributed to the desire for more personalized accommodations that offer a glimpse into the local lifestyle and culture.
Trends in the market: One notable trend in the Vacation Rentals market in Slovakia is the rise of eco-friendly and sustainable properties. Travelers are showing a growing interest in environmentally conscious accommodations, driving the demand for eco-friendly vacation rentals in the country. Additionally, there has been an increase in the popularity of rural and secluded properties, as more travelers seek peaceful retreats away from the hustle and bustle of city life.
Local special circumstances: Slovakia's diverse geography, which includes stunning mountains, lakes, and forests, has contributed to the growth of the Vacation Rentals market. The country's natural beauty attracts outdoor enthusiasts and nature lovers, who prefer to stay in vacation rentals that offer proximity to hiking trails, ski resorts, and other outdoor activities. Furthermore, the presence of historic towns and charming villages has made Slovakia a popular destination for cultural tourism, driving the demand for vacation rentals in these areas.
Underlying macroeconomic factors: The strengthening economy in Slovakia has led to an increase in disposable income among the population, allowing more people to travel and explore the country. This rise in domestic tourism has bolstered the demand for vacation rentals, as locals look for weekend getaways and holiday retreats within Slovakia. Additionally, the country's growing reputation as a hidden gem in Central Europe has attracted international tourists, further fueling the demand for vacation rentals across 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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