Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in EMEA is experiencing a significant growth trajectory, driven by various factors influencing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in the EMEA region are increasingly seeking unique and experiential travel opportunities, which has fueled the demand for cruises. The desire for hassle-free travel experiences, all-inclusive packages, and the opportunity to visit multiple destinations in one trip are key factors driving the popularity of cruises among travelers in the region.
Trends in the market: In the EMEA region, there is a notable trend towards luxury and expedition cruises. Luxury cruises cater to affluent travelers looking for high-end amenities, personalized services, and exclusive experiences. On the other hand, expedition cruises appeal to adventure seekers and nature enthusiasts, offering unique itineraries to remote and off-the-beaten-path destinations.
Local special circumstances: Countries in the EMEA region benefit from a rich cultural heritage, historical landmarks, and diverse landscapes, making it an attractive destination for cruise operators. The Mediterranean, Northern Europe, and the Middle East offer a wide range of cruise itineraries, each with its own unique appeal. Additionally, the presence of well-established ports and infrastructure further supports the growth of the cruise market in the region.
Underlying macroeconomic factors: The overall economic stability and disposable income levels in the EMEA region play a crucial role in driving the growth of the cruise market. As disposable incomes rise, more consumers are able to afford luxury travel experiences such as cruises. Furthermore, favorable exchange rates and government initiatives to promote tourism have contributed to the increasing popularity of cruises among both domestic and international travelers in the region.
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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