Vacation Rentals - Zambia

Zambia

Highlights

In Zambia, the Vacation Rentals market is expected to reach a revenue of US$29.52m in 2024.
Over the years, the market is expected to grow at an annual growth rate (CAGR 2024-2029) of 9.21%, resulting in a projected market volume of US$45.86m by 2029.
Additionally, the number of users in the Vacation Rentals market is expected to amount to 1.09m users by 2029.
As of 2024, the user penetration stands at 3.5% and is expected to increase to 4.5% by 2029.
The average revenue per user (ARPU) is projected to be US$39.54.
Furthermore, it is expected that 66% of the total revenue in the Vacation Rentals market will be generated through online sales by 2029.
It is interesting to note that in global comparison, United States is expected to generate the most revenue in this market with a projected revenue of US$20bn in 2024.
Zambia's Vacation Rentals market is experiencing growth due to its diverse wildlife and natural attractions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vacation Rentals market in Zambia is experiencing a notable growth trajectory with an increasing number of tourists opting for alternative accommodation options.

Customer preferences: Tourists in Zambia are showing a growing preference for vacation rentals over traditional hotel stays. This shift can be attributed to the desire for more authentic and immersive travel experiences. Travelers are increasingly seeking unique accommodations that allow them to live like locals, and vacation rentals offer the perfect opportunity for this.

Trends in the market: One noticeable trend in the Zambian vacation rentals market is the rise of eco-friendly and sustainable properties. Travelers are becoming more environmentally conscious, and as a result, there is a growing demand for eco-friendly accommodation options. Owners of vacation rentals are responding to this trend by implementing sustainable practices and offering properties that are in harmony with the natural surroundings.

Local special circumstances: Zambia's rich natural beauty and diverse wildlife make it a popular destination for eco-tourism and safari adventures. This unique selling point has a direct impact on the vacation rentals market, with many properties strategically located to offer stunning views of the country's landscapes and wildlife. The proximity to national parks and natural attractions makes vacation rentals in Zambia highly sought after by nature enthusiasts and adventure seekers.

Underlying macroeconomic factors: The growing tourism industry in Zambia, supported by government initiatives to promote the country as a travel destination, is contributing to the expansion of the vacation rentals market. Additionally, the increasing connectivity and accessibility due to improved infrastructure are making it easier for tourists to explore different regions of the country, driving the demand for vacation rental properties. As disposable incomes rise and travel becomes more accessible, the vacation rentals market in Zambia is expected to continue on its growth trajectory.

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.