Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Georgia has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Georgia are increasingly seeking unique and immersive travel experiences, which has led to a growing interest in cruises. The convenience of visiting multiple destinations in one trip, combined with onboard amenities and entertainment, appeals to a wide range of travelers looking for a diverse and relaxing vacation option.
Trends in the market: One of the notable trends in the Cruises market in Georgia is the rise of river cruises along the country's picturesque waterways. These cruises offer passengers a chance to explore the country's stunning landscapes, historical sites, and charming towns from a unique vantage point. Additionally, themed cruises catering to specific interests such as gastronomy, culture, or adventure are becoming increasingly popular among travelers in Georgia.
Local special circumstances: Georgia's strategic location at the crossroads of Europe and Asia, along with its rich cultural heritage and warm hospitality, makes it an attractive destination for cruise operators. The country's growing infrastructure to support cruise tourism, including modern ports and facilities, further enhances its appeal to cruise lines looking to expand their itineraries in the region.
Underlying macroeconomic factors: The growth of the Cruises market in Georgia can also be attributed to the overall positive economic outlook in the country. As disposable incomes rise and the standard of living improves, more Georgians are able to afford luxury travel experiences such as cruises. Additionally, government initiatives to promote tourism and foreign investment have helped boost the country's attractiveness as a cruise destination.
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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