Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Central & Western Europe has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Central & Western Europe are increasingly seeking unique and immersive experiences when it comes to cruising. They are looking for cruise itineraries that offer cultural enrichment, authentic local cuisine, and opportunities for adventure. This shift in preferences has led to an increase in demand for cruises that visit off-the-beaten-path destinations and focus on sustainable tourism practices.
Trends in the market: In countries like Italy, Spain, and France, there has been a notable rise in the popularity of river cruises along iconic waterways such as the Rhine and Danube. These cruises appeal to travelers looking to explore historic cities and picturesque landscapes in a more intimate setting. Additionally, themed cruises centered around food and wine, wellness, and family-friendly activities are gaining traction in the region.
Local special circumstances: One of the unique aspects of the Cruises market in Central & Western Europe is the abundance of historic ports and coastal cities that serve as popular embarkation points for cruises. Countries like Greece and Croatia offer stunning island-hopping itineraries, while Norway and Iceland attract adventure-seekers with their dramatic fjords and glaciers. The rich cultural heritage and diverse landscapes of the region make it a prime destination for cruise enthusiasts.
Underlying macroeconomic factors: The stable economic conditions in Central & Western Europe have contributed to the growth of the Cruises market in the region. With rising disposable incomes and a strong emphasis on leisure travel, more consumers are opting for cruise vacations as a convenient and all-inclusive way to explore multiple destinations. Additionally, the competitive pricing and wide range of cruise options available cater to a broad spectrum of travelers, further driving the market expansion.
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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