Cruises - Jamaica | Statista Market Forecast

By 2024, the projected revenue in the Cruises market is expected to reach US$883.70k.
Furthermore, it is anticipated that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 5.36%, ultimately translating to a market volume of US$1.15m by 2029.
In Jamaica, the number of users in the Cruises market is expected to reach 1.69k users by 2029.
Notably, user penetration will increase from 0.05% in 2024 to 0.06% by 2029.
The average revenue per user (ARPU) is expected to amount to US$674.70.
Online sales will account for 22% of the total revenue in the Cruises market by 2029.
Finally, it is worth mentioning that in a global comparison, United States will generate the most revenue (US$25bn in 2024).
Jamaica's cruise market is booming, with a focus on eco-tourism and cultural experiences that showcase the island's rich history and vibrant music scene.

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 Jamaica has been experiencing significant growth and development in recent years.

Customer preferences: Cruise passengers in Jamaica are increasingly seeking unique and immersive experiences during their travels, leading to a rise in demand for cruises that offer authentic cultural interactions and opportunities to explore the natural beauty of the island. Customers are also showing a preference for smaller cruise ships that can access more remote ports and provide a more personalized experience.

Trends in the market: One noticeable trend in the Jamaican cruise market is the expansion of cruise itineraries to include lesser-known ports of call around the island, allowing passengers to discover hidden gems off the beaten path. Additionally, there has been a growing interest in themed cruises focusing on music, food, or wellness, catering to diverse customer interests and preferences.

Local special circumstances: Jamaica's strategic location in the Caribbean, with its stunning beaches, vibrant culture, and warm hospitality, makes it a popular destination for cruise lines looking to attract passengers seeking a tropical getaway. The island's investment in port infrastructure and tourism development has further boosted its appeal as a cruise destination, offering visitors a seamless and enjoyable experience both onshore and onboard.

Underlying macroeconomic factors: The growth of the Cruises market in Jamaica can be attributed to several macroeconomic factors, including the overall increase in disposable income among consumers, making luxury travel experiences more accessible. Furthermore, Jamaica's proactive marketing efforts to promote its cruise tourism sector, along with favorable government policies supporting the industry, have contributed to the positive trajectory of the market.

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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