Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in BRICS countries is experiencing a significant growth trajectory driven by evolving customer preferences, unique local circumstances, and underlying macroeconomic factors.
Customer preferences: Cruise passengers in Brazil are increasingly seeking experiential travel, focusing on unique destinations and immersive cultural experiences. In Russia, there is a growing demand for luxury cruise options catering to high-end clientele. Indian travelers are showing a preference for shorter cruise itineraries that fit into their busy schedules. Chinese consumers are gravitating towards themed cruises and family-friendly activities onboard.
Trends in the market: In Brazil, the cruise market is witnessing a surge in domestic cruises along the country's picturesque coastline, appealing to local tourists looking for convenient travel options. Russia is experiencing a rise in river cruises along the Volga and other waterways, as travelers explore the country's rich cultural heritage. India is seeing an increase in river cruises on the Ganges, offering a unique way to experience the country's diverse landscapes. China, on the other hand, is embracing expedition cruises to Antarctica and the Arctic, catering to adventure-seeking passengers.
Local special circumstances: Brazil's vast coastline and numerous ports provide ample opportunities for cruise operators to offer diverse itineraries, attracting both domestic and international travelers. Russia's navigable rivers and historical cities present a unique setting for river cruises, blending culture and comfort for passengers. India's growing middle class is driving demand for affordable cruise options, leading to an expansion of cruise routes along its coasts. China's booming economy has created a burgeoning middle-class population with disposable income, fueling the demand for luxury cruises and themed travel experiences.
Underlying macroeconomic factors: The economic stability and rising disposable income in Brazil are encouraging more people to invest in travel experiences, including cruises. Russia's focus on developing its tourism sector is boosting infrastructure and support for cruise operators, driving market growth. India's demographic dividend and increasing urbanization are creating a conducive environment for the cruise industry to expand and attract a new segment of travelers. China's Belt and Road Initiative is enhancing connectivity and promoting maritime tourism, leading to a surge in cruise popularity among Chinese consumers.
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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