Key regions: Vietnam, United States, United Kingdom, Indonesia, Malaysia
The Vacation Rentals market in India has been experiencing significant growth and development in recent years.
Customer preferences: In India, customers are increasingly seeking unique and authentic travel experiences, driving the demand for vacation rentals. Many travelers prefer the flexibility and affordability offered by vacation rentals compared to traditional hotels. Additionally, the rise of digital platforms and online booking systems has made it easier for customers to discover and book vacation rental properties.
Trends in the market: One notable trend in the Indian vacation rentals market is the increasing popularity of homestays and boutique accommodations. Travelers are looking for personalized and locally immersive experiences, leading to a growing demand for unique properties that showcase the culture and heritage of different regions in India. Moreover, the market is witnessing a trend towards sustainable and eco-friendly vacation rentals, aligning with the global shift towards responsible tourism practices.
Local special circumstances: India's diverse cultural heritage and rich history provide a unique advantage for the vacation rentals market. Properties that highlight traditional architecture, local craftsmanship, and regional cuisine are particularly sought after by domestic and international travelers. Additionally, the presence of popular tourist destinations such as Goa, Kerala, Rajasthan, and Himachal Pradesh has contributed to the growth of the vacation rentals market in India.
Underlying macroeconomic factors: The growth of the middle-class population in India, coupled with increasing disposable incomes, has fueled the demand for domestic travel and accommodation options. As more Indians choose to explore their own country for leisure and holidays, the vacation rentals market is expected to continue its upward trajectory. Additionally, government initiatives to promote tourism and improve infrastructure have created a favorable environment for the development of the vacation rentals sector in India.
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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