Cruises - Georgia | Statista Market Forecast

According to projections, the revenue for the Cruises market in Georgia is expected to reach US$2.82m by 2024.
The annual growth rate (CAGR 2024-2029) is expected to be 9.68%, resulting in a projected market volume of US$4.47m by 2029.
The estimated number of users in the market is expected to be 9.39k users by 2029.
In 2024, user penetration is predicted to be 0.13%, and this value is expected to increase to 0.26% by 2029.
The average revenue per user (ARPU) is estimated to be US$569.90.
By 2029, 24% of the total revenue in the Cruises market is expected to be generated through online sales.
When compared globally, United States is expected to generate the most revenue in the Cruises market, with US$25bn projected revenue in 2024.
Despite being a landlocked country, Georgia's growing tourism industry has seen an increasing interest in river cruises along the scenic Mtkvari River.

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 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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