Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Europe has been experiencing a surge in popularity in recent years, with more travelers opting for cruise vacations to explore the diverse coastal destinations of the continent.
Customer preferences: Travelers in Europe are increasingly seeking unique and immersive experiences during their vacations. This has led to a growing demand for themed cruises, such as culinary cruises, wellness cruises, and adventure cruises, catering to different interests and preferences. Additionally, there is a rising interest in sustainable and eco-friendly cruising options among European consumers, driving the market towards more environmentally conscious practices.
Trends in the market: One notable trend in the European Cruises market is the increasing popularity of river cruises. European rivers offer a picturesque and culturally rich cruising experience, attracting a large number of tourists looking to explore historic cities and charming landscapes along the waterways. Another trend is the expansion of luxury cruise offerings in Europe, with cruise lines introducing high-end amenities, personalized services, and exclusive experiences to cater to affluent travelers seeking a premium vacation experience.
Local special circumstances: Europe's diverse geography and rich maritime history provide a unique advantage to the Cruises market in the region. The proximity of major European cities to popular cruise ports enables convenient access for both domestic and international travelers. Furthermore, Europe's well-developed tourism infrastructure and high safety standards contribute to the overall appeal of cruising in the region, ensuring a seamless and enjoyable travel experience for passengers.
Underlying macroeconomic factors: The stable economic growth in Europe has positively impacted the Cruises market, as consumers feel more confident in spending on leisure travel. Additionally, the increasing trend of multi-generational travel in Europe has boosted the demand for family-friendly cruise options, with cruise lines offering diverse activities and entertainment for passengers of all ages. Moreover, the competitive pricing strategies and promotional offers by cruise operators have made cruising an attractive and affordable vacation choice for many European travelers.
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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