Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Belgium has been experiencing a steady growth in recent years, with an increasing number of Belgian consumers opting for cruise vacations.
Customer preferences: Belgian consumers are showing a growing interest in cruise holidays as they seek unique travel experiences and convenient ways to explore multiple destinations in one trip. The convenience of unpacking only once, combined with the variety of onboard activities and amenities, appeals to Belgian travelers looking for a hassle-free vacation option.
Trends in the market: One noticeable trend in the Cruises market in Belgium is the rise of themed and specialty cruises catering to specific interests such as gastronomy, wellness, or adventure. These niche cruise offerings are gaining popularity among Belgian travelers seeking tailored experiences that align with their passions and hobbies. Additionally, there is a growing demand for sustainable and eco-friendly cruises as Belgian consumers become more environmentally conscious and seek responsible travel options.
Local special circumstances: Belgium's strategic location in Europe with easy access to major cruise ports in neighboring countries like the Netherlands and Germany has contributed to the growth of the Cruises market. Belgian travelers can conveniently embark on cruises from nearby ports, expanding their choices for cruise destinations and itineraries. Furthermore, Belgium's rich maritime history and culture have fostered a deep appreciation for cruise travel among its population, with many Belgians viewing cruises as a luxurious yet accessible way to explore the world.
Underlying macroeconomic factors: The stable economic conditions in Belgium, coupled with increasing disposable incomes among Belgian households, have made cruise vacations more affordable and attractive to a larger segment of the population. As the overall travel and tourism industry in Belgium continues to thrive, the Cruises market is expected to further expand as more Belgian consumers prioritize experiences and memories over material possessions.
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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