Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Czechia is experiencing a gradual but steady growth in recent years.
Customer preferences: Czech travelers are increasingly drawn to the idea of exploring new destinations and experiences, which has led to a rising interest in cruise vacations. The convenience of visiting multiple locations in one trip, combined with the luxury and comfort offered by cruise ships, appeals to many Czech tourists looking for a unique and hassle-free holiday experience.
Trends in the market: One noticeable trend in the Czech Cruises market is the growing popularity of river cruises. With the picturesque Vltava River running through Prague and other charming waterways across the country, more local travelers are opting for river cruises to discover the beauty of their own homeland from a different perspective. Additionally, themed cruises focusing on wellness, gastronomy, or cultural immersion are gaining traction among Czech tourists seeking specialized and enriching travel experiences.
Local special circumstances: Czechia's landlocked geography presents a unique challenge for the Cruises market, as the country lacks direct access to the sea. However, this obstacle has encouraged the development of river cruises as a popular alternative, allowing travelers to explore the country's stunning landscapes and historic towns from a different vantage point. The rich cultural heritage and architectural marvels along the riverbanks further enhance the appeal of river cruises in Czechia.
Underlying macroeconomic factors: The improving economic conditions in Czechia have contributed to the growth of the Cruises market, as more consumers have disposable income to spend on leisure activities like cruises. Additionally, the increasing connectivity and accessibility of cruise routes from neighboring countries have made it easier for Czech travelers to embark on international cruise adventures, further fueling the market's 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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