Vacation Rentals - Zimbabwe

Zimbabwe

Highlights

Zimbabwe is expected to see a significant increase in revenue within the Vacation Rentals market by the year 2024, with projections indicating an amount of US$48.75m.
Furthermore, it is anticipated that the market volume will grow at a Compound Annual Growth Rate (CAGR) of 9.02% between 2024 and 2029, eventually reaching US$75.08m.
Moreover, the number of users in this market is expected to increase to 1.85m users by 2029, and the user penetration rate is projected to rise from 6.7% in 2024 to 9.8% by 2029.
The Average Revenue per User (ARPU) is expected to be US$42.92.
Additionally, it is expected that 63% of the total revenue in the Vacation Rentals market will be generated through online sales by 2029.
Finally, it is worth noting that in comparison to other countries, United States is projected to generate the highest amount of revenue (US$20bn in 2024) in the Vacation Rentals market.
Despite the challenges facing the tourism industry in Zimbabwe, the demand for vacation rentals is steadily increasing among local and international tourists.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vacation Rentals market in Zimbabwe is experiencing a notable surge in demand, with an increasing number of tourists opting for alternative accommodation options beyond traditional hotels.

Customer preferences: Tourists are increasingly seeking unique and authentic experiences during their travels, driving the demand for vacation rentals in Zimbabwe. Many travelers prefer the flexibility, space, and privacy that vacation rentals offer, allowing them to immerse themselves in the local culture and lifestyle.

Trends in the market: One prominent trend in the Zimbabwean vacation rentals market is the rise of eco-friendly and sustainable properties. Travelers are becoming more environmentally conscious and are actively seeking accommodations that align with their values. As a result, eco-friendly vacation rentals, such as off-grid cabins or lodges in natural settings, are gaining popularity among tourists in Zimbabwe.

Local special circumstances: Zimbabwe's rich cultural heritage and diverse natural landscapes make it a prime destination for travelers looking to explore the beauty of Africa. The country's unique offerings, such as safari adventures, historical sites, and vibrant local markets, attract a wide range of tourists seeking memorable experiences. Vacation rentals in Zimbabwe often reflect this diversity, with properties ranging from luxury villas overlooking national parks to cozy cottages in rural villages.

Underlying macroeconomic factors: The growth of the vacation rentals market in Zimbabwe is also influenced by macroeconomic factors such as currency fluctuations and economic stability. As the country continues to recover from past economic challenges, the tourism sector is playing a vital role in driving growth and attracting foreign investment. The affordability of vacation rentals compared to traditional hotels is appealing to budget-conscious travelers, further fueling the market's expansion.

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.