Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Finland has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Finland are increasingly looking for unique and experiential travel opportunities, which has led to a rise in demand for cruise vacations. The desire to explore new destinations and immerse oneself in different cultures has driven more Finnish travelers to choose cruises as their preferred mode of travel.
Trends in the market: One notable trend in the Finnish Cruises market is the increasing popularity of Arctic cruises. Finland's strategic location in the Nordic region makes it a perfect starting point for cruises to the Arctic Circle, where passengers can witness the stunning natural beauty of the northern lights and unique wildlife. This niche market has been growing steadily as more travelers seek out off-the-beaten-path experiences.
Local special circumstances: Finland's extensive coastline along the Baltic Sea provides a convenient network of ports for cruise ships to dock, making it an attractive destination for cruise operators. The country's well-developed infrastructure and efficient port facilities have further contributed to the growth of the Cruises market in Finland. Additionally, the Finnish government has been actively promoting tourism, including cruise travel, which has boosted the industry.
Underlying macroeconomic factors: The overall positive economic outlook in Finland has also played a role in the development of the Cruises market. As disposable incomes rise and consumer confidence remains high, more Finns are willing to spend on leisure activities such as cruises. The stable political environment and strong tourism industry support have created a conducive environment for the growth of the Cruises market in Finland.
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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