Wednesday, December 27, 2023
It’s the age of millennials and Gen Z, they are a generation that savours material possessions and additionally prefers spending money on travel as well as other experiences.
The industry of short-term holiday rentals reaps the rewards of a growing trend towards inexpensive lodging options. Furthermore, staycations—especially among working professionals who want to integrate leisure time into their vacation—are becoming more and more prevalent. This is especially for travel nomads and millennials in India
The market insights for Indian short-term vacations have been listed as follows:
It is projected that the Indian short-term vacation rental market will expand at a 15.70% compound annual growth rate (CAGR) through 2034. With an expected 3.47% annual growth rate through 2028, the vacation rental industry is expected to reach US$1.88 billion in 2023.
At least 70,000 houses in India are listed on Airbnb as of July 7, 2021, as reported by The Economic Times. Following the end of the COVID outbreak, Airbnb reservations have increased significantly in India.
Compared to pre-pandemic levels, family travel on Airbnb in India rose by more than 90% in 2022.
In addition, India’s total number of nights reserved on Airbnb increased by about 70% in 2022 over pre-pandemic levels.
A number of major companies are introducing cutting-edge products and services to enhance the experience of visitors and streamline governance for hotels. Virtual tours, property management software, online booking platforms, and augmented reality (AR) are some of the common technology solutions that operators utilise to improve the booking experience. Operators are improving the visitor experience, driving revenue growth, and raising booking rates by utilising these innovations.
In India, millennials and digital nomads are increasingly adopting short-term vacation rentals. Owing to digitization and the rapidly growing market, the tourism industry has grown exponentially. Furthermore, the future market insights for Indian short-term vacation are provided as follows:
Through 2034, there will likely be a 15.70% compound annual growth rate (CAGR) in India’s short-term holiday rental market. The following are key drivers of the industry’s expansion:
A growing number of customers are asking for customised alternatives when organising their vacations. · Millennials and digital nomads find these lodgings particularly tempting. This is expected to have a favourable impact on the short-term holiday rental business. This is due to the fact that short-term vacation rentals provide flexible and luxurious experiences that are tailored to their needs. Additionally, property owners are making use of their underutilised spaces and properties by renting them out. Proprietors can make passive revenue by renting these out.