Key regions: Vietnam, United States, United Kingdom, Indonesia, Malaysia
Costa Rica, known for its stunning beaches, lush rainforests, and diverse wildlife, has seen a significant growth in the Vacation Rentals market.
Customer preferences: Travelers visiting Costa Rica are increasingly looking for unique and authentic experiences, opting for vacation rentals that offer a more personalized and immersive stay. The demand for eco-friendly accommodations close to nature has been on the rise, reflecting a global trend towards sustainable tourism.
Trends in the market: One notable trend in the Costa Rican vacation rental market is the popularity of treehouse and jungle bungalow accommodations, providing visitors with a chance to stay amidst the natural beauty of the country. Additionally, the growth of luxury villas and beachfront properties caters to travelers seeking upscale amenities and privacy during their stay.
Local special circumstances: Costa Rica's focus on environmental conservation and ecotourism has influenced the vacation rental market, with many properties implementing sustainable practices and offering eco-friendly amenities. The country's reputation for biodiversity and adventure tourism has also contributed to the demand for unique lodging options that allow guests to fully experience the natural wonders of Costa Rica.
Underlying macroeconomic factors: The stability of Costa Rica's economy and government, as well as its strong reputation as a safe and welcoming tourist destination, have played a role in the growth of the vacation rental market. Additionally, the country's investment in infrastructure and promotion of tourism have attracted a steady flow of international visitors looking for alternative accommodations beyond traditional hotels.
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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