Growing Interest in Vacation Rentals in Asia
A recent report by travel recommendations startup Trip101 reveals a significant increase in vacation rental bookings across Asia. Here are the key findings:
- 84% Jump in Bookings: Between 2022 and 2023, vacation rental bookings in Asia surged by 84%. The data covers 16 Asian countries, including China, India, Japan, Indonesia, Malaysia, Singapore, and Thailand.
- Long-Term Trend: The report suggests that this trend has been building over the past four years, indicating continued growth in vacation rental bookings in Asia.
This growing interest in vacation rentals aligns with changing travel preferences, offering travelers more flexibility, unique experiences, and often greater affordability compared to traditional hotel stays. Asia’s diverse destinations and the desire for local and immersive experiences likely contribute to this surge in vacation rental popularity.
As this trend continues, it presents opportunities for both property owners and travel platforms to cater to the evolving needs of travelers in the region.
More bookings aren’t the only indicator of the market’s growth: The average stay length rose by from pre-pandemic numbers.
“Following U.S. and Europe’s footsteps, the average booking value in Asia saw a 20% increase as well, from pre- to post-pandemic years,” Trip101 said, pointing to an increase from a 2.5 night average stay to 3-night average stay. “This trend looks promising as it implies people are willing to spend more for longer stays and enhanced experiences.”
Part of that growth, Trip101 speculates, comes as a result of the pandemic and the lifestyle shifts that came with it.
“The pandemic catalyzed a significant shift in lifestyle and travel preferences by enabling remote work,” Trip101 said. “People now have the freedom to work from anywhere, empowering them to embrace a more flexible travel style, combining work with leisure and exploring new destinations while maintaining professional commitments and thus giving rise to new travel trends like workation, bleisure travels and digital nomadism.”
Travel in Asia has been trending upward for some time. Additional reports over the last year or so have pointed to a rebound after the pandemic with travelers returning to the region after long border closures and COVID-19-related restrictions.
And PhocusWright reported in January that inbound and outbound travel was gaining momentum in Southeast Asia and anticipated that mobile bookings would be on the rise in coming years.
Sources: AirGuide Business airguide.info, msn.com, Trip101