Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The demand for vacation rentals in Sri Lanka has been steadily increasing in recent years, reflecting a growing trend in the tourism industry in the country.
Customer preferences: Travelers in Sri Lanka are increasingly looking for unique and authentic experiences, driving the demand for vacation rentals that offer a more personalized and local stay. Many tourists prefer the flexibility and privacy that vacation rentals provide, allowing them to immerse themselves in the culture and lifestyle of the destination.
Trends in the market: One noticeable trend in the vacation rentals market in Sri Lanka is the rise of eco-friendly and sustainable properties. Travelers are becoming more conscious of their environmental impact and seek accommodation options that align with their values. This has led to an increase in eco-friendly vacation rentals that promote responsible tourism practices.
Local special circumstances: Sri Lanka's diverse landscape and rich cultural heritage make it a popular tourist destination, attracting visitors from around the world. The country's tropical climate, pristine beaches, and lush greenery offer a unique setting for vacation rentals, ranging from beachfront villas to hillside bungalows. Additionally, the warm hospitality of the local population adds to the appeal of staying in vacation rentals in Sri Lanka.
Underlying macroeconomic factors: The growth of the vacation rentals market in Sri Lanka is also influenced by macroeconomic factors such as government initiatives to promote tourism and infrastructure development. The increasing number of international flights to Sri Lanka, as well as improvements in transportation and connectivity, have made the country more accessible to travelers. This, coupled with a rise in disposable income and changing travel preferences, has contributed to the expansion of the vacation rentals market in Sri Lanka.
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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