Cruises - Lebanon | Statista Market Forecast

Lebanon is expected to witness a significant growth in the Cruises market as revenue is projected to reach US$7.90m by 2024.
Moreover, the revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.52%, resulting in a projected market volume of US$12.45m by 2029.
It is expected that the number of users in the Cruises market will reach 12.78k users by 2029.
The user penetration rate is expected to hit 0.27% by 2029, with an average revenue per user (ARPU) of US$693.60.
Interestingly, online sales are expected to generate 21% of the total revenue in the Cruises market by 2029.
In comparison with other countries, United States is projected to generate the most revenue in the Cruises market with US$25bn in 2024.
Cruises in Lebanon offer unique opportunities to explore the country's rich culture and history while enjoying the Mediterranean coastline.

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 Lebanon has been experiencing a notable uptick in recent years, reflecting a growing interest in leisure travel among the local population.

Customer preferences: Lebanese customers are increasingly drawn to cruise vacations due to the all-inclusive nature of such trips, offering a hassle-free way to explore multiple destinations in one journey. The convenience, luxury, and variety of onboard activities and amenities cater to the preferences of travelers seeking a relaxing yet adventurous holiday experience.

Trends in the market: One prominent trend in the Lebanese Cruises market is the rise of themed cruises, which cater to niche interests such as culinary experiences, wellness retreats, or cultural immersion. These specialized offerings appeal to discerning travelers looking for unique and tailored experiences while at sea. Additionally, an increase in demand for shorter cruises or mini-getaways reflects a shift towards more frequent but shorter vacations among Lebanese consumers.

Local special circumstances: The geographical location of Lebanon along the Mediterranean coast positions it as a strategic hub for cruise itineraries in the region. The country's rich history, diverse culture, and picturesque landscapes make it an attractive port of call for cruise lines operating in the Eastern Mediterranean. The growing infrastructure to support cruise tourism, including modern ports and facilities, further enhances Lebanon's appeal as a cruise destination.

Underlying macroeconomic factors: The development of the Cruises market in Lebanon is also influenced by broader macroeconomic factors such as improving economic stability, rising disposable incomes, and a growing middle class. As the country's economy continues to recover from previous challenges, more Lebanese consumers are able to afford luxury travel experiences like cruises. Additionally, investments in tourism infrastructure and marketing efforts to promote Lebanon as a travel destination contribute to the positive growth trajectory of the Cruises market in the country.

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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