Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Bahrain is experiencing a notable growth trajectory with increasing interest from both locals and tourists.
Customer preferences: Travelers in Bahrain are showing a growing preference for cruise vacations due to the allure of exploring multiple destinations in one trip, convenience of onboard amenities, and the overall luxurious experience that cruise ships offer. The desire for unique and experiential travel has been a driving factor in the rising popularity of cruises among Bahraini consumers.
Trends in the market: One prominent trend in the Bahraini Cruises market is the expansion of cruise itineraries to include more exotic and off-the-beaten-path destinations. Cruise lines are catering to the demand for authentic cultural experiences by incorporating stops at lesser-known ports and offering immersive shore excursions. Additionally, themed cruises and niche offerings tailored to specific interests such as wellness, adventure, or gastronomy are gaining traction among travelers in Bahrain.
Local special circumstances: Bahrain's strategic geographic location in the Arabian Gulf has positioned it as a key hub for cruise tourism in the region. The country's modern infrastructure, world-class cruise terminals, and efforts to enhance the overall visitor experience have made it an attractive destination for cruise operators looking to expand their offerings in the Middle East. The government's initiatives to promote tourism and develop the hospitality sector have further contributed to the growth of the Cruises market in Bahrain.
Underlying macroeconomic factors: The steady economic growth in Bahrain, coupled with increasing disposable incomes and a thriving tourism industry, has created a conducive environment for the development of the Cruises market. The government's focus on diversifying the economy and investing in tourism infrastructure has led to a rise in cruise ship arrivals and boosted the overall tourism sector in the country. As Bahrain continues to position itself as a top cruise destination in the region, the Cruises market is poised for further expansion and innovation.
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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