Cruises - Finland | Statista Market Forecast

In 2024, the revenue in the Cruises market of Finland is projected to reach US$56.81m without any change in its format and unit.
Moreover, it is expected to show an annual growth rate (CAGR 2024-2029) of 3.69%, resulting in a projected market volume of US$68.09m without any change in the format of the number by 2029.
The number of users is also expected to increase to 54.44k users by 2029.
In 2024, the user penetration was 0.81% and it is estimated to increase to 0.98% by 2029.
The average revenue per user (ARPU) is expected to be US$1.26k, without any change in its format.
By 2029, 27% of the total revenue in the Cruises market of Finland will be generated through online sales.
It is important to note that in a global comparison, United States is projected to generate the most revenue in the Cruises market, with a revenue of US$25bn in 2024, without any change in the format of the number.
Finland's cruise market is seeing a rise in demand for Arctic expeditions, offering unique experiences and a chance to witness the Northern Lights.

Definition:

A cruise is a multi-day vacation trip on a cruise ship which crosses the sea or large inland waters while calling at different tourist destinations along a certain route. With this kind of ship journey, it is not the aspect of transport that is in the spotlight but the stay aboard the ship as well as visiting the tourist destinations. The Cruises market encompasses exclusively passenger ticket revenues. Onboard and other revenues are not included.

Additional Information:

The main performance indicators of the Cruises market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

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Multi-day cruises
Ocean cruises and river cruises

Trips by ferry (including trips with overnight stay)
Trips by ferry mainly for transport purposes

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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