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Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Estonia has been experiencing a notable increase in popularity and demand among travelers in recent years.
Customer preferences: Travelers in Estonia are increasingly opting for cruise vacations as a convenient and hassle-free way to explore different destinations. The appeal of all-inclusive packages, onboard amenities, and the opportunity to visit multiple cities in one trip are driving factors for customers choosing cruises. Additionally, the desire for unique and off-the-beaten-path experiences is leading travelers to seek out cruises to less traditional destinations.
Trends in the market: In Estonia, there is a growing trend towards small ship cruises that offer a more intimate and personalized experience for passengers. These smaller vessels can navigate through narrow waterways and dock at smaller ports, allowing travelers to explore hidden gems along the Baltic Sea. Furthermore, themed cruises focusing on specific interests such as gastronomy, history, or adventure are gaining popularity among Estonian travelers looking for niche experiences.
Local special circumstances: Estonia's strategic location along the Baltic Sea makes it a key stop for cruise itineraries in the region. The country's well-preserved medieval architecture, picturesque old towns, and rich cultural heritage make it an attractive destination for cruise lines looking to offer diverse experiences to passengers. Additionally, Estonia's commitment to sustainable tourism practices and environmental conservation aligns with the growing demand for eco-friendly travel options in the cruise industry.
Underlying macroeconomic factors: The overall growth of the tourism industry in Estonia, driven by increasing disposable incomes and a rising standard of living, is contributing to the expansion of the cruises market. As more Estonians have the financial means to travel, the demand for cruise vacations as a luxurious yet convenient option is on the rise. Additionally, government initiatives to promote Estonia as a tourist-friendly destination and improve infrastructure for cruise ships are further fueling the development of the cruises market in the country.
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)