Vacation rentals market to reach $315 billion globally by 2031

08-09-22

Expansion of the travel industry, change in consumers' spending pattern, the desire of travelers to explore and learn new things or take a break from their busy schedules, and innovative concepts such as hyper-personalized hotel rooms, smart rooms, reality in-room experience through artificial intelligence drive the growth of the global vacation rentals market.

However, political unrest and terrorist attacks restrict the market growth. Moreover, consumers today prefer digital channels for making online accommodation bookings due to increased convenience and flexibility which presents new opportunities in the coming years.

The outbreak of the Covid-19 pandemic had a negative impact on the global vacation rentals market, owing to stringent travel restrictions implemented by governments across several nations.