Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in United States has been experiencing significant growth and evolution in recent years.
Customer preferences: Customers in the United States are increasingly looking for unique and personalized vacation experiences, which has led to a rise in demand for vacation rentals over traditional hotels. The flexibility, space, and amenities offered by vacation rentals cater to the preferences of travelers seeking a home-away-from-home experience.
Trends in the market: One noticeable trend in the United States vacation rentals market is the increasing popularity of booking through online platforms and apps. This shift towards digital booking platforms has made it easier for travelers to discover and book vacation rentals, contributing to the market's growth. Additionally, there is a growing trend of travelers seeking eco-friendly and sustainable vacation rental options, driving the market towards more environmentally conscious offerings.
Local special circumstances: The United States has a vast and diverse landscape, offering a wide range of vacation rental options from beachfront cottages to mountain cabins and urban lofts. This variety in accommodation types caters to different traveler preferences and contributes to the overall growth of the vacation rentals market in the country. Moreover, the popularity of domestic travel within the United States has further boosted the demand for vacation rentals, especially in off-the-beaten-path locations.
Underlying macroeconomic factors: The strong economy and high consumer confidence in the United States have positively impacted the vacation rentals market. As disposable incomes rise, more people are willing to spend on travel experiences, including unique vacation rentals. Additionally, the increase in remote work and flexible schedules has allowed for more extended stays in vacation rentals, further driving the market growth.
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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