Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Eastern Europe has been experiencing a steady growth in recent years, with an increasing number of travelers opting for cruise vacations in the region.
Customer preferences: Travelers in Eastern Europe are showing a growing interest in cruise vacations due to the convenience of visiting multiple destinations in a single trip, as well as the all-inclusive nature of cruise packages. Additionally, the variety of onboard activities and amenities offered by cruise lines appeal to a wide range of preferences, making cruises a popular choice for both families and solo travelers.
Trends in the market: One of the notable trends in the Cruises market in Eastern Europe is the rising demand for river cruises along the Danube and other picturesque waterways in the region. These cruises offer a unique way to explore historic cities and charming towns, attracting travelers looking for a more immersive cultural experience. Furthermore, there is a growing interest in expedition cruises to the Arctic region, catering to adventure-seeking tourists who want to explore remote and untouched landscapes.
Local special circumstances: Eastern Europe's rich cultural heritage and diverse landscapes make it an attractive destination for cruise travelers. Countries like Croatia, Greece, and Russia offer a mix of historical sites, stunning coastlines, and vibrant cities, providing a unique and memorable experience for cruise passengers. Additionally, the region's growing infrastructure for cruise tourism, including modern port facilities and improved transportation networks, has contributed to the market's development.
Underlying macroeconomic factors: The increasing disposable income and changing lifestyles of consumers in Eastern Europe have played a significant role in driving the growth of the Cruises market in the region. As more people seek experiential travel opportunities and prioritize leisure experiences, the demand for cruise vacations is expected to continue rising. Moreover, favorable exchange rates and competitive pricing offered by cruise lines have made this travel option more accessible to a broader audience in Eastern Europe.
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)
