Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Americas is experiencing a significant growth in recent years, attracting a diverse range of customers from different age groups and backgrounds.
Customer preferences: Customers in the Americas have shown a growing interest in cruises due to the convenience of visiting multiple destinations in one trip, the variety of onboard activities and entertainment options, as well as the all-inclusive nature of cruise packages. Families are opting for cruises as a hassle-free way to travel with children, while younger travelers are attracted to the social aspect of cruising and the opportunity to explore different cultures.
Trends in the market: In the United States, there is a trend towards shorter cruises to destinations such as the Caribbean and Mexico, catering to busy professionals looking for quick getaways. Alaska cruises are also gaining popularity among nature enthusiasts seeking unique wildlife experiences. Additionally, themed cruises focusing on wellness, food and wine, or music festivals are becoming increasingly popular, offering specialized experiences for niche markets.
Local special circumstances: Countries in South America, such as Brazil and Argentina, are experiencing a rise in domestic cruises along their picturesque coastlines, providing locals with a convenient way to explore their own countries. In the Caribbean, cruise lines are working closely with local governments to promote sustainable tourism practices and support the preservation of marine ecosystems, which is becoming a key consideration for environmentally-conscious travelers.
Underlying macroeconomic factors: The strong economy in the United States has increased disposable income levels, allowing more Americans to afford luxury vacations such as cruises. In addition, the depreciation of certain South American currencies has made cruises more affordable for international travelers, leading to a boost in tourism in the region. The overall stability of the Americas region has also instilled confidence in both consumers and cruise operators, driving further growth in the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of cruises.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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