This Staycation Overview And Analysis market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Staycation Overview And Analysis market.
Vacation can be defined as a period in which one takes a break from their daily routine and engages themselves in activities of their interest that provide them some pleasure, such as resting, recreation, and travelling or holidaying among many other activities. Due to the global financial downturn hitting many countries such as U.S, UK, and France the concept of staycation has risen all over the globe. Staycation, as the name suggests is a stay and a vacation, which is vacation done while staying at home – it is also known as a holistay. In this concept, any individual or family participates in holiday activities within localities, while staying at home and sleeping in their beds at night. In staycations, they can take part in several activities such as day trips to local tourist sites within driving range, swimming or engaging in other fun activities including paintball, horseback riding, hiking or visiting any museums. In a nutshell, the staycation is a break from daily routine without moving too far from the home base. The typical activities done during staycations include dining out, shopping and movies.
The Staycation concept was globally recognised during the financial crisis that hit the U.S during the period 2007–2010. The concept was carried forward by the UK and many western European countries that also got hit by the financial crisis. Core activities of a staycation are the use of the backyard pool, visits to any local parks or museums, and participation in local festivals, carnivals, and amusement parks. To make full use of staycations and not to spoil the vacation there are some set rules that vacationers need to follow. This includes setting a time frame, planning, and scheduling staycations in advance, and evading routine, with the aim of building a sense of a traditional holiday. Key countries that practice staycations are the USA, the U.K, India, UAE, Thailand, Singapore, Germany, and France, among others.
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The prominent factor which fuels the concept of staycations is affordability as when compared to any conventional vacationing, staycation is cheaper and the time frame of vacationing is short. The global financial crisis and rising awareness for supporting local businesses are increasing the demand for staycation tourism all over the globe. Majorly, staycation vacation is practiced when there is less holidaying time, but many vacationers opt for this concept when they want to spend quality time with their family or themselves without compromising on their comfort zone. Many tourists who are scared of flying or using seaways also opt for staycations. It is practiced in those places which have many tourist spots or holiday destinations. Looking at the growth rate of the staycation sector, government and travel and hospitality industry firms, and other stakeholders are actively participating in coming up with many leisure activities in the place itself. This further helps in recovering from financial crisis and strengthening the economy of the region.
Staycation: Trends
In the travel and tourism industry among holidaymakers, there is a prominent trend emerging that is customising the concept of staycation as per the vacationer's ease or comfort, and coming up with modified staycation versions such as nearcation (visiting nearby location or cities), naycation (total no to travel) and much more.
Staycation: Restraints
Although demand for staycation is seen meaningfully and accepted broadly by regions, there are some factors which limit staycation vacationing to an extent. Key factors include many airfares and hotel discount and offerings making traditional vacationing affordable and more attractive tourist destinations. Other limitations are an insufficient or no tourist spot or vacationing places in the localities of some regions, and the primary reason is the probable chances of getting official work or call for work while vacationing as well as no holiday feeling due to the same environment.
Staycation: Options
There are numerous options for staycation; if your place does not have any holiday destination and is situated near any other holiday destination then you can visit those places. There are several staycation options available in major places including Conrad (Dubai), The Henry Hotel (Manila), Gastro Pub with Rooms (U.K), and Village Hotel Changi (Singapore), among many others.
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The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
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- An overview of the sector, including the key factors that have shaped patterns and demand
- Not just data, but insights that you can incorporate in your strategic decision making
- Nuanced underlying factors that influence consumer behaviour
- Data points to understand the past, analyse the present, and project the future
- Trends that will impact the sector in the short- and long-term
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Staycation Overview And Analysis
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Staycation Overview And Analysis report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Staycation Overview And Analysis. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Staycation Overview And Analysis report?
In addition to up-to-date market figures and customized of the Staycation Overview And Analysis, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.