Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Bulgaria has been experiencing significant growth in recent years, attracting a diverse range of travelers seeking unique accommodation options in this Eastern European country.
Customer preferences: Travelers in Bulgaria are increasingly opting for vacation rentals over traditional hotels due to the desire for more authentic and immersive experiences. Many visitors are drawn to the charm of staying in a local apartment or villa, allowing them to live like a local and explore different neighborhoods. Additionally, vacation rentals often offer more space, privacy, and amenities compared to standard hotel rooms, catering to the needs of families and larger groups.
Trends in the market: One notable trend in the Bulgarian vacation rental market is the rise of online platforms and booking portals that connect property owners with potential guests. This digitalization has made it easier for travelers to find and book vacation rentals, contributing to the overall growth of the market. Furthermore, the increasing popularity of short-term rentals and the sharing economy has led to a wider variety of accommodation options available to visitors across the country.
Local special circumstances: Bulgaria's diverse landscape and attractions, including its beautiful Black Sea coastline, picturesque mountains, and historic cities, make it a prime destination for travelers seeking unique vacation experiences. The country's rich cultural heritage and affordable cost of living also attract visitors looking to explore a less mainstream European destination. Additionally, the growing number of international events and festivals in Bulgaria has contributed to the demand for vacation rental properties, especially in popular tourist areas.
Underlying macroeconomic factors: The growth of the vacation rental market in Bulgaria can also be attributed to favorable macroeconomic factors, such as increasing disposable incomes and a growing tourism industry. As the country continues to develop its infrastructure and promote tourism, more travelers are discovering the beauty and charm of Bulgaria, driving demand for vacation rental accommodations. Additionally, the relatively lower cost of living in Bulgaria compared to other European countries makes it an attractive option for budget-conscious travelers looking for affordable yet high-quality lodging options.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
