Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Taiwan has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Taiwan are increasingly seeking unique and personalized accommodation options, leading to a rise in demand for vacation rentals. Customers prefer the flexibility and authenticity that vacation rentals offer compared to traditional hotels. Additionally, the growing trend of experiential travel has fueled the popularity of vacation rentals among tourists looking to immerse themselves in the local culture.
Trends in the market: One of the notable trends in the Vacation Rentals market in Taiwan is the increasing popularity of eco-friendly and sustainable properties. Travelers are showing a preference for environmentally conscious accommodation options, driving property owners to adopt green practices. Another trend is the rise of technology in the vacation rental sector, with the use of online platforms and mobile apps making it easier for travelers to discover and book rental properties.
Local special circumstances: Taiwan's unique blend of traditional culture and modern amenities makes it an attractive destination for travelers seeking diverse experiences. The island's stunning natural landscapes, vibrant night markets, and rich history appeal to a wide range of tourists. This diverse offering has contributed to the growth of the vacation rental market as visitors look for accommodations that reflect the local charm and lifestyle.
Underlying macroeconomic factors: The growing tourism industry in Taiwan, supported by government initiatives to promote the country as a travel destination, has had a positive impact on the Vacation Rentals market. Increasing disposable incomes and changing consumer preferences have also played a role in driving the demand for vacation rentals. Additionally, the rise of the sharing economy globally has influenced the way people travel, encouraging the popularity of vacation rentals as a cost-effective and unique accommodation option.
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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