Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Chile has been experiencing a significant growth in recent years, attracting both domestic and international travelers seeking unique travel experiences along the country's stunning coastline.
Customer preferences: Travelers in Chile are increasingly opting for cruise vacations due to the convenience of visiting multiple destinations in a single trip, the all-inclusive nature of cruises, and the opportunity to explore remote and exotic locations. The demand for cruises offering cultural immersion, adventure activities, and eco-friendly practices is on the rise among Chilean travelers.
Trends in the market: One of the notable trends in the Chilean Cruises market is the increasing popularity of expedition cruises to Antarctica. Chile's strategic location in South America makes it a preferred starting point for cruises to the White Continent, attracting adventure seekers and nature enthusiasts. Additionally, themed cruises focusing on wine and gastronomy, wellness, and wildlife observation are gaining traction in the market.
Local special circumstances: Chile's unique geography, characterized by a long coastline stretching along the Pacific Ocean, offers diverse landscapes ranging from arid deserts to lush fjords. This geographical diversity allows cruise operators to design itineraries that showcase the country's natural beauty and cultural heritage. The presence of world-renowned ports such as Valparaiso and Punta Arenas further enhances Chile's appeal as a cruise destination.
Underlying macroeconomic factors: The growth of the Cruises market in Chile can be attributed to several macroeconomic factors, including the country's stable economic environment, increasing disposable income among the middle-class population, and government initiatives to promote tourism. The development of infrastructure to support cruise tourism, such as modernization of port facilities and investment in tourism services, has also played a crucial role in 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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