Cruises - Armenia | Statista Market Forecast

In Armenia, the revenue of the Cruises market is projected to reach US$7.29m by 2024.
The market is expected to grow annually at a rate of 10.57% from 2024 to 2029, resulting in a projected market volume of US$12.05m by 2029.
By 2029, the number of users in the Cruises market is expected to amount to 25.74k users.
The user penetration rate is projected to increase from 0.46% in 2024 to 0.93% by 2029.
The average revenue per user (ARPU) is expected to be US$564.90.
Online sales are projected to account for 24% of total revenue in the Cruises market by 2029.
It is worth noting that in global comparison, United States is expected to generate the most revenue in the Cruises market, with a projected revenue of US$25bn in 2024.
Despite being a landlocked country, Armenia's growing interest in river cruises on the nearby Volga and Don rivers is evident.

Definition:

A cruise is a multi-day vacation trip on a cruise ship which crosses the sea or large inland waters while calling at different tourist destinations along a certain route. With this kind of ship journey, it is not the aspect of transport that is in the spotlight but the stay aboard the ship as well as visiting the tourist destinations. The Cruises market encompasses exclusively passenger ticket revenues. Onboard and other revenues are not included.

Additional Information:

The main performance indicators of the Cruises market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

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Multi-day cruises
Ocean cruises and river cruises

Trips by ferry (including trips with overnight stay)
Trips by ferry mainly for transport purposes

Armenia, a landlocked country in the South Caucasus region, may not have direct access to the sea, but its Cruises market is showing promising growth.

Customer preferences: Armenian customers are increasingly seeking unique travel experiences, which has led to a rise in demand for cruise vacations. The appeal of exploring different destinations in a convenient and luxurious manner is attracting more travelers to consider cruise options. Moreover, the all-inclusive nature of cruise packages is appealing to customers looking for hassle-free travel arrangements.

Trends in the market: One notable trend in the Armenian Cruises market is the growing popularity of river cruises. While ocean cruises remain popular worldwide, river cruises are gaining traction in Armenia due to the country's rich history and cultural heritage along its waterways. Travelers are drawn to the opportunity to explore historical sites and picturesque landscapes from a unique vantage point.

Local special circumstances: Despite being a landlocked country, Armenia's proximity to major water bodies such as the Black Sea and the Caspian Sea has contributed to the development of its Cruises market. The availability of cruise packages that include transportation to nearby sea ports has made cruising more accessible to Armenian travelers. Additionally, the country's strategic location at the crossroads of Europe and Asia makes it a convenient starting point for cruise itineraries in the region.

Underlying macroeconomic factors: The improving economic conditions in Armenia have also played a role in the growth of the Cruises market. As disposable incomes rise and the overall standard of living improves, more Armenians are able to afford luxury travel experiences such as cruises. This increase in purchasing power has created a larger customer base for cruise operators in the country, driving further development and expansion of 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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