Key regions: Vietnam, United States, United Kingdom, Indonesia, Malaysia
The Vacation Rentals market in Ireland has been experiencing a significant growth in recent years, with a surge in demand for alternative accommodation options among travelers.
Customer preferences: Travelers in Ireland are increasingly seeking unique and authentic experiences, leading to a rise in the popularity of vacation rentals over traditional hotels. The flexibility, privacy, and often lower cost of vacation rentals appeal to a wide range of visitors, from budget-conscious travelers to families and large groups looking for spacious accommodations.
Trends in the market: One noticeable trend in the Vacation Rentals market in Ireland is the increasing diversification of rental options. From cozy countryside cottages to modern city apartments, the market offers a wide variety of choices to cater to different preferences. Additionally, the rise of online platforms and booking websites has made it easier for property owners to list their rentals and for travelers to find and book them seamlessly.
Local special circumstances: In Ireland, the unique charm of the countryside and the rich cultural heritage of cities like Dublin, Galway, and Cork make vacation rentals a popular choice for visitors looking to immerse themselves in the local lifestyle. The picturesque landscapes, historic sites, and warm hospitality of the Irish people contribute to the overall appeal of staying in a vacation rental.
Underlying macroeconomic factors: The growth of the Vacation Rentals market in Ireland can also be attributed to the overall growth of the tourism industry in the country. As more tourists flock to Ireland to explore its natural beauty and vibrant cities, the demand for alternative accommodations continues to rise. Additionally, economic factors such as disposable income levels and exchange rates play a role in shaping the market dynamics, influencing both supply and demand in the vacation rental sector.
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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