Key regions: Vietnam, United States, United Kingdom, Indonesia, Malaysia
Over the past few years, the Vacation Rentals market in Cambodia has been experiencing significant growth and development.
Customer preferences: Travelers in Cambodia are increasingly seeking unique and authentic experiences, leading to a rise in demand for vacation rentals over traditional hotels. Tourists are looking for accommodations that provide a more local and immersive experience, allowing them to explore the culture and lifestyle of the destination.
Trends in the market: One notable trend in the Cambodian Vacation Rentals market is the increasing popularity of eco-friendly and sustainable properties. Travelers are becoming more environmentally conscious, driving the demand for accommodations that prioritize sustainability and green practices. This trend aligns with global efforts towards responsible tourism and eco-friendly travel options.
Local special circumstances: Cambodia's rich cultural heritage and natural beauty make it a desirable destination for travelers seeking adventure and exploration. The country's growing tourism industry, coupled with government initiatives to promote tourism, has created a favorable environment for the Vacation Rentals market to thrive. Additionally, the affordability of vacation rentals compared to traditional hotels appeals to budget-conscious travelers visiting Cambodia.
Underlying macroeconomic factors: The growing economy in Cambodia, supported by sectors such as tourism, construction, and real estate, plays a crucial role in driving the Vacation Rentals market. As disposable incomes rise and infrastructure improves, more tourists are drawn to the country, boosting the demand for alternative accommodations like vacation rentals. Additionally, Cambodia's strategic location in Southeast Asia and its increasing connectivity to global markets contribute to the growth of the tourism sector and, consequently, the Vacation Rentals market.
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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