Cruises - Greece | Statista Market Forecast

It is projected that the revenue of the Cruises market in Greece will reach US$12.88m by 2024.
The revenue is expected to grow annually at a rate of 4.16% between 2024 and 2029, resulting in a projected market volume of US$15.79m by 2029.
The number of users in the Cruises market is expected to reach 14.63k users by 2029.
In 2024, the user penetration rate is 0.11%, which is expected to increase to 0.14% by 2029.
The average revenue per user (ARPU) is projected to be US$1.11k.
By 2029, 27% of the total revenue in the Cruises market will be generated through online sales.
In comparison to other countries, United States is expected to generate the highest revenue in the Cruises market with a projected revenue of US$25bn in 2024.
Greece's cruise market is rebounding as the country's stunning coastline and ancient ruins continue to attract tourists.

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

Amidst the beautiful backdrop of the Greek islands and crystal-clear waters, the Cruises market in Greece has been experiencing a notable surge in popularity.

Customer preferences: Travelers are increasingly seeking unique and immersive experiences, opting for cruise vacations that offer a blend of relaxation, cultural exploration, and adventure. The allure of exploring the picturesque Greek islands, each with its own distinct charm and history, has been a significant draw for tourists looking to unwind and discover hidden gems.

Trends in the market: One prominent trend in the Greek Cruises market is the rise of small ship and luxury cruises. These cruises offer a more intimate experience, allowing passengers to visit smaller ports and indulge in personalized services. Moreover, themed cruises focusing on wellness, gastronomy, or history have gained traction, catering to niche interests and providing a more tailored vacation experience.

Local special circumstances: The geographical layout of Greece, with its numerous islands scattered across the Aegean and Ionian Seas, plays a crucial role in shaping the Cruises market. The proximity of the islands allows for convenient island-hopping itineraries, enabling travelers to explore multiple destinations in a single trip. Additionally, the rich cultural heritage and archaeological sites in Greece offer a unique selling point for cruise operators, attracting history enthusiasts and cultural travelers.

Underlying macroeconomic factors: The growth of the Cruises market in Greece is also influenced by broader macroeconomic factors. The stability of the Greek economy, coupled with investments in tourism infrastructure and marketing efforts to promote Greece as a premier cruise destination, has bolstered the industry. Furthermore, collaborations between cruise companies and local businesses have enhanced the overall cruise experience, offering passengers a taste of authentic Greek hospitality and cuisine.

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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