Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in GCC has been experiencing a significant growth in recent years, attracting a diverse range of travelers looking for unique and luxurious vacation experiences.
Customer preferences: Travelers in the GCC region have shown a growing interest in cruise vacations, drawn to the convenience of visiting multiple destinations in one trip, the all-inclusive nature of cruise packages, and the opportunity to experience luxury amenities and entertainment on board. Additionally, the appeal of cruising as a family-friendly vacation option has contributed to the increasing popularity of cruises among GCC residents.
Trends in the market: In the GCC region, there has been a noticeable trend towards the development of new cruise itineraries catering specifically to the preferences of local travelers. Cruise lines have been introducing routes that include popular destinations in the region, such as Dubai, Abu Dhabi, and Oman, to meet the demand for culturally rich experiences. Furthermore, there is a growing interest in themed cruises and special events on board, offering unique and tailored experiences for passengers.
Local special circumstances: The GCC region's strategic location between Europe, Asia, and Africa positions it as a key hub for cruise travel, attracting both international tourists and local residents. The modern infrastructure and world-class facilities in cities like Dubai have made the region a preferred embarkation point for many cruise lines. Additionally, the tax-free shopping opportunities and diverse culinary experiences in the GCC contribute to the overall appeal of cruise vacations for travelers.
Underlying macroeconomic factors: The growth of the Cruises market in the GCC can also be attributed to favorable macroeconomic factors, such as the region's efforts to diversify its tourism offerings and reduce dependency on oil revenues. Governments in the GCC have been investing in tourism infrastructure and promoting the region as a top travel destination, which has helped attract more cruise lines and boost the overall market growth. Additionally, the rising disposable incomes and expanding middle class in the GCC have made luxury travel experiences more accessible to a larger segment of the population, driving demand for cruise vacations.
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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