Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Turkmenistan is experiencing a notable shift in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Travelers in Turkmenistan are increasingly seeking unique and authentic experiences during their vacations. This has led to a growing demand for vacation rentals that offer a more personalized and local touch compared to traditional hotel stays. Customers are looking for accommodations that allow them to immerse themselves in the local culture and lifestyle, driving the popularity of vacation rentals in the country.
Trends in the market: One of the key trends in the Vacation Rentals market in Turkmenistan is the rise of online platforms and booking services that connect travelers directly with property owners. This has made it easier for tourists to find and book vacation rentals, leading to a more competitive market with a wider range of options available. Additionally, the increasing number of international visitors to Turkmenistan has boosted the demand for vacation rentals, as they offer a more flexible and cost-effective accommodation option for longer stays.
Local special circumstances: Turkmenistan's unique cultural heritage and natural attractions have also contributed to the growth of the Vacation Rentals market in the country. The rich history and diverse landscapes of Turkmenistan attract a wide range of tourists, from adventure seekers to cultural enthusiasts, creating a strong demand for vacation rental properties that cater to different preferences. Additionally, the government's efforts to promote tourism and improve infrastructure have further boosted the popularity of vacation rentals as a convenient and comfortable lodging option for visitors.
Underlying macroeconomic factors: The economic development and increasing disposable income of the population in Turkmenistan have played a significant role in driving the growth of the Vacation Rentals market. As more people are able to afford travel and leisure activities, the demand for alternative accommodation options like vacation rentals has surged. Additionally, the government's focus on diversifying the tourism sector and attracting foreign investment has created a favorable environment for the expansion of vacation rental businesses in 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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