Key regions: Vietnam, United States, United Kingdom, Indonesia, Malaysia
The Vacation Rentals market in South Korea is experiencing a significant surge in popularity, with a growing number of travelers opting for alternative accommodation options over traditional hotels.
Customer preferences: Travelers in South Korea are increasingly seeking unique and personalized experiences during their vacations, leading to a rise in demand for vacation rentals. The flexibility, affordability, and authenticity offered by vacation rentals appeal to a wide range of travelers, from budget-conscious backpackers to luxury-seeking tourists.
Trends in the market: One prominent trend in the South Korean vacation rentals market is the rapid expansion of online booking platforms and mobile apps, making it easier for travelers to discover and book rental properties. Additionally, there is a noticeable increase in the number of local hosts offering vacation rentals, providing visitors with a chance to immerse themselves in the local culture and lifestyle.
Local special circumstances: South Korea's unique blend of traditional culture and modern amenities makes it an attractive destination for travelers looking for diverse experiences. The country's bustling cities, serene countryside, and picturesque coastal areas offer a wide variety of vacation rental options to suit different preferences and interests.
Underlying macroeconomic factors: The steady growth of South Korea's economy and the increasing disposable income of its population have contributed to the expansion of the vacation rentals market. As more South Koreans choose to travel domestically and internationally, the demand for alternative accommodation options continues to rise. Additionally, government initiatives to promote tourism and improve infrastructure further support the development of the vacation rentals market 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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Mon - Fri, 10:00am - 6:00pm (JST)
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Mon - Fri, 9am - 6pm (EST)
