Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Cuba has been experiencing significant growth and development in recent years.
Customer preferences: Cruise passengers in Cuba are increasingly seeking unique and authentic experiences, including cultural immersion and interaction with local communities. This has led to a rise in demand for cruises that offer visits to off-the-beaten-path destinations and opportunities to engage with Cuban culture and heritage.
Trends in the market: One notable trend in the Cuban cruise market is the increase in smaller cruise ships and luxury vessels catering to high-end travelers looking for exclusive and personalized experiences. Additionally, there is a growing interest in sustainable and eco-friendly cruises that minimize environmental impact and support local conservation efforts.
Local special circumstances: Cuba's unique history, vibrant culture, and picturesque landscapes make it a popular destination for cruise travelers seeking a mix of relaxation and exploration. The country's rich heritage, including its colonial architecture, classic cars, and world-renowned music and dance scene, offers a distinctive experience for visitors.
Underlying macroeconomic factors: The gradual easing of travel restrictions and improved diplomatic relations between Cuba and other countries have contributed to the growth of the cruise market in Cuba. Additionally, the government's efforts to invest in tourism infrastructure and promote the country as a top travel destination have attracted more cruise lines to include Cuba in their itineraries.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
