Table of Contents
Executive Summary
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- The market
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- Figure 1: Volume forecast of domestic holiday property rentals, 2008-18
- Figure 2: Value forecast of domestic holiday property rentals*, 2008-18
- UK holiday rentals up 38% in past five years
- South West accounts for one in three domestic holiday lets
- One in 10 holidays abroad are in rental property
- Market factors
- Overseas revival could derail domestic dominance
- Holiday home supply stalls since recession
- Challenge of peer-to-peer economy
- Companies, brands and innovation
- Half of bookings made through third-party companies
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- Figure 3: How last holiday rental property was booked, November 2013
- Leading intermediaries
- Rise and rise of Airbnb
- OTAs see rental opportunity
- Super hosts
- The consumer
- Previous rental experience
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- Figure 4: Use of domestic holiday rental property in the past three years, November 2013
- Three in 10 overseas renters stay in cities
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- Figure 5: Location of last holiday in rental property, UK versus overseas holidays, November 2013
- Overseas lets last longer
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- Figure 6: How long people stayed in holiday rental property for last visit, UK versus overseas holidays, November 2013
- Walking distance to amenities required
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- Figure 7: Features people look for when choosing holiday rental property, November 2013
- Consumers expect flexibility
- Freedom and privacy seen as top advantages
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- Figure 8: Attitudes towards holiday rental property, November 2013
- What we think
Issues in the Market
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- How can travel brands get further involved in the growing holiday property space?
- How can the booking process be improved?
- What are the market opportunities beyond the leading destinations?
- What is the significance of the rise of the ‘sharing economy’ for tourism?
Trend Application
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- Trend: Rebirth of Cities
- Trend: Creature Comforts
- Mintel Futures: East Meets West
Market Drivers
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- Key points
- Overseas holidays at highest level since 2009
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- Figure 9: Overseas holiday volume, value and average expenditure, 2008-13
- Domestic holidays fall from 2009 peak but have still grown 14% over past five years
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- Figure 10: Domestic (GB) holiday volume, value and average expenditure, 2008-13
- Package holiday upswing continues
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- Figure 11: Volume of overseas package and independent holidays, 2008-13
- All overseas regions up in 2013 apart from North America
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- Figure 12: Overseas holiday visits, by region visited, 2008-13
- Resurgent Spain
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- Figure 13: Top 20 overseas holiday destinations, 2008-13
- Low-cost carrier growth supports holiday rentals sector
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- Figure 14: Scheduled passengers carried, by main low-cost airlines, 2008-13
- Domestic serviced versus self-catering accommodation: trips
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- Figure 15: Number of domestic trips* (pure holidays), by accommodation, 2010-13
- Domestic serviced versus self-catering accommodation: nights
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- Figure 16: Total number of nights spent on domestic trips* (pure holidays), by accommodation, 2010-13
- Domestic serviced versus self-catering accommodation: spend
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- Figure 17: Expenditure on domestic trips* (pure holidays), by accommodation, 2010-13
- Domestic serviced versus self-catering accommodation: short breaks and longer holidays
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- Figure 18: Number of domestic trips* (pure holidays), 1-3 nights, by accommodation, 2010-12
- Figure 19: Number of domestic trips* (pure holidays), 4+ nights, by accommodation, 2010-12
- Second homes market abroad
- Spain and France account for nearly half of properties
- Holiday rental growth in Spain
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- Figure 20: International tourism spend in Spain, by type of accommodation stayed in for visit, 2004-13
- UK second home growth
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- Figure 21: Top 10 local authorities in England for second home ownership, 2013
- Challenges of peer-to-peer economy
- Spanish property regulation passes to regions
- Airbnb rise attracts interest from officialdom
- France and Germany reported to be considering restrictions
- Property scams
- Protection policies
Who’s Innovating?
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- Key points
- SuperHosts
- Luxury rentals and unhotels
- Reverse auction
- Cottage/holiday park hybrid
- Local gurus
- Added extras
- Restoration properties
- Fairytale holidays
Market Size and Forecast
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- Key points
- Total market size
- UK market in context
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- Figure 22: Types of accommodation used for domestic holidays in the past 12 months, November/December 2013
- UK market size
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- Figure 23: Volume of trips taken in domestic holiday rental property, 2008-13
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- Figure 24: Expenditure on trips taken in domestic holiday rental property*, 2008-13
- UK regional share
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- Figure 25: Number of domestic holidays taken in holiday rental property, by region, 2012*
- Overseas market in context
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- Figure 26: Types of accommodation used for overseas holidays in the past 12 months, November/December 2013
- Overseas market size
- Future prospects
- Forecast
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- Figure 27: Volume forecast of domestic holiday property rentals, 2008-18
- Figure 28: Value forecast of domestic holiday property rentals*, 2008-18
- Forecast methodology
Companies and Products
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- Airbnb
- Holidaylettings.co.uk
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- Figure 29: Financial performance of Holiday Lettings Ltd, 2011 and 2012
- HomeAway Inc (homeaway.co.uk, ownersdirect.co.uk)
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- Figure 30: Financial performance of HomeAway UK Ltd, 2011 and 2012
- Figure 31: Financial performance of Owners Direct Holiday Rental Ltd, 2011 and 2012
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- Figure 32: Total advertising expenditure HomeAway Ltd, 2010-13
- Thomas Cook
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- Figure 33: Financial performance of Thomas Cook Group Plc, 2012 and 2013
- TUI
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- Figure 34: Financial performance of TUI Travel Plc, 2012 and 2013
- Wyndham Vacation Rentals UK
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- Figure 35: Financial performance of Wyndham Vacation Rentals UK, 2011 and 2012
- Cottages4you
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- Figure 36: Total advertising expenditure Cottages4you, by media type, 2009-13
- Hoseasons
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- Figure 37: Total advertising expenditure Hoseasons Holidays Ltd, by media type, 2009-13
- James Villa Holidays
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- Figure 38: Financial performance of James Villa Holidays Ltd, 2011 and 2012
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- Figure 39: Total advertising expenditure James Villa Holidays Ltd, by media type, 2009-13
Channels to Market
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- Key points
- Intermediaries account for half of bookings
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- Figure 40: How last holiday rental property was booked, November 2013
- Domestic versus overseas bookings
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- Figure 41: How last holiday rental property was booked, UK versus overseas holidays, November 2013
- Booking channels by location
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- Figure 42: How last holiday rental property was booked, by location, November 2013
- Booking channels by duration
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- Figure 43: How last holiday rental property was booked, by duration, November 2013
The Consumer – Holiday Rental Property Usage
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- Key points
- Untapped potential: six in 10 consumers have not stayed in rented property in the past three years
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- Figure 44: Use of domestic holiday rental property in the past three years, November 2013
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- Figure 45: Use of overseas holiday rental property in the past three years, November 2013
The Consumer – Holiday Rental Property Locations
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- Key points
- Seaside locations dominate
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- Figure 46: Location of last holiday in rental property, November 2013
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- Figure 47: Location of last holiday in rental property, UK versus overseas holidays, November 2013
- Young urban professionals lead growth in city property lets
The Consumer – Duration of Stays in Holiday Rental Property
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- Key points
- One-week stay still forms biggest chunk of market
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- Figure 48: How long people stayed in holiday rental property for last visit, November 2013
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- Figure 49: How long people stayed in holiday rental property for last visit, UK versus overseas holidays, November 2013
- New demand for long-duration city-based holidays
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- Figure 50: How long people stayed in holiday rental property for last visit, by location, November 2013
The Consumer – Preferred Features in Holiday Rental Property
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- Key points
- Consumers seek amenities within walking distance
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- Figure 51: Features people look for when choosing holiday rental property, November 2013
- Greater flexibility required
- Pool adds significant value to overseas properties
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- Figure 52: Features people look for when choosing holiday rental property, UK versus overseas holidays, November 2013
- Cleaning and catering
- Pet-friendly property important in domestic market
- One in seven city renters seek single room in house
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- Figure 53: Features people look for when choosing holiday rental property, by location, November 2013
- Those staying 8+ nights prioritise cleaning services
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- Figure 54: Features people look for when choosing holiday rental property, by duration, November 2013
- Preferences by demographics
The Consumer – Attitudes towards Holiday Rental Property
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- Key points
- Freedom and privacy seen as top advantages
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- Figure 55: Attitudes towards holiday rental property, November 2013
- Inconsistency seen as leading disadvantage
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- Figure 56: Attitudes towards holiday rental property, UK versus overseas holidays, November 2013
- Non-users concerned about ‘too much work’
- Intermediaries seen as less good value than direct bookings
Appendix – Market Size and Forecast
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- Figure 57: Forecasts for domestic holiday property rentals volume, 2013-18
- Figure 58: Forecasts for domestic holiday property rentals value, 2013-18
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Appendix – Channels to Market
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- Figure 59: How last holiday rental property was booked, by demographics, November 2013
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Appendix – The Consumer – Holiday Rental Property in the UK
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- Figure 60: Use of domestic holiday rental property in the past three years, by demographics, November 2013
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Appendix – The Consumer – Holiday Rental Property Abroad
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- Figure 61: Use of overseas holiday rental property in the past three years, by demographics, November 2013
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Appendix – The Consumer – Holiday Rental Property Locations
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- Figure 62: Location of last holiday in rental property, by demographics, November 2013
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Appendix – The Consumer – Duration of Stays in Holiday Rental Property
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- Figure 63: How long people stayed in holiday rental property for last visit, by demographics, November 2013
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Appendix – The Consumer – Preferred Features in Holiday Rental Property
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- Figure 64: Most popular features people look for when choosing holiday rental property, by demographics, November 2013
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- Figure 65: Next most popular features people look for when choosing holiday rental property, by demographics, November 2013
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- Figure 66: Other features people look for when choosing holiday rental property, by demographics, November 2013
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Appendix – The Consumer – Attitudes towards Holiday Rental Property
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- Figure 67: Agreement with attitudes towards holiday rental property, by location of last holiday in rental property, November 2013
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- Figure 68: Agreement with attitudes towards holiday rental property, by how long people stayed in holiday rental property for last visit, November 2013
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- Figure 69: Agreement with attitudes towards holiday rental property, by how last holiday rental property was booked, November 2013
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- Figure 70: Agreement with attitudes towards holiday rental property, by most popular features people look for when choosing holiday rental property, November 2013
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- Figure 71: Agreement with attitudes towards holiday rental property, by next most popular features people look for when choosing holiday rental property, November 2013
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- Figure 72: Agreement with attitudes towards holiday rental property, by other features people look for when choosing holiday rental property, November 2013
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