Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Iraq has been showing promising signs of development in recent years.
Customer preferences: Customers in Iraq are increasingly looking for unique and luxurious travel experiences, which has led to a growing interest in cruise vacations. The desire for all-inclusive travel packages and the opportunity to visit multiple destinations in one trip are key factors driving the demand for cruises among Iraqi travelers.
Trends in the market: One notable trend in the Iraqi Cruises market is the rise of river cruises along the Tigris and Euphrates rivers. These cruises offer passengers a chance to explore the rich history and cultural heritage of the region while enjoying the comfort and amenities of modern cruise ships. The popularity of river cruises is expected to continue growing as more cruise operators recognize the potential of this unique market.
Local special circumstances: Iraq's unique geographical location and historical significance make it an attractive destination for cruise tourism. The country's ancient sites, such as Babylon and Ur, appeal to history enthusiasts, while its bustling markets and vibrant cities offer a dynamic cultural experience for travelers. The government's efforts to promote tourism and improve infrastructure are also contributing to the growth of the Cruises market in Iraq.
Underlying macroeconomic factors: Despite facing challenges such as political instability and security concerns, Iraq's economy has been gradually recovering in recent years. The improving economic conditions, coupled with a growing middle class with disposable income, are creating opportunities for the travel and tourism industry, including the Cruises market. As more Iraqis seek to explore the world in style and comfort, the demand for cruises is expected to continue rising in the coming years.
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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