Key regions: Indonesia, Singapore, United States, India, Vietnam
Over the past few years, Egypt has seen a significant growth in its Cruises market.
Customer preferences: Travelers in Egypt are increasingly seeking unique and immersive experiences, driving the demand for cruises that offer cultural enrichment and historical exploration. This shift in consumer preferences aligns with global trends towards experiential travel, where passengers are looking for more than just a traditional leisure trip.
Trends in the market: One notable trend in the Egyptian Cruises market is the rise of themed cruises catering to niche interests such as archaeology, gastronomy, and wellness. These specialized cruises attract a specific segment of travelers looking to indulge in their passions while enjoying the comfort and luxury of a cruise vacation. Additionally, there has been a growing interest in eco-friendly and sustainable cruises, reflecting a broader global movement towards responsible tourism.
Local special circumstances: Egypt's rich history and cultural heritage make it a prime destination for cruise tourism. The country's proximity to iconic historical sites such as the Pyramids of Giza, Luxor, and the Valley of the Kings offers a unique selling point for cruise operators. Moreover, the allure of sailing down the Nile River, the longest river in the world, adds a touch of mystique and romance to the cruising experience in Egypt.
Underlying macroeconomic factors: The stabilization of the political situation in Egypt in recent years has helped boost tourism, including the cruise sector. As the country continues to invest in infrastructure development and promote tourism initiatives, the Cruises market is poised to further expand. Additionally, the depreciation of the Egyptian pound has made travel more affordable for international visitors, contributing to the growth of the tourism industry as a whole, including the Cruises market.
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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