Key regions: Vietnam, United States, United Kingdom, Indonesia, Malaysia
Over the past few years, the Vacation Rentals market in Peru has experienced significant growth and evolution.
Customer preferences: Travelers in Peru are increasingly seeking unique and personalized experiences, leading to a rise in demand for vacation rental properties over traditional hotels. Customers are looking for accommodations that offer a more authentic and immersive experience, allowing them to live like a local and explore off-the-beaten-path destinations.
Trends in the market: One notable trend in the Vacation Rentals market in Peru is the increasing popularity of eco-friendly and sustainable properties. Travelers are becoming more environmentally conscious and are actively seeking accommodations that align with their values. This trend has led to a growing number of eco-friendly vacation rental options throughout Peru, attracting environmentally conscious travelers.
Local special circumstances: Peru's rich cultural heritage and diverse natural landscapes make it a unique and attractive destination for travelers. The country offers a wide range of experiences, from exploring ancient Incan ruins to trekking through the Amazon rainforest. This diversity in attractions has contributed to the growth of the vacation rental market, as travelers seek accommodations that cater to their specific interests and activities.
Underlying macroeconomic factors: The overall growth of the tourism industry in Peru has had a positive impact on the Vacation Rentals market. As the country continues to invest in infrastructure and promote tourism, more travelers are visiting Peru each year. This influx of tourists has created a growing demand for vacation rental properties, driving the expansion of the market. Additionally, the rise of digital platforms and online booking services has made it easier for property owners to list their rentals and for travelers to find and book accommodations, further fueling the growth of the vacation rental market in Peru.
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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