Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Lithuania has been showing promising signs of growth and development in recent years.
Customer preferences: Lithuanian customers are increasingly showing interest in cruise vacations, seeking unique travel experiences and exploring new destinations. The convenience of an all-inclusive cruise package, which includes accommodation, meals, and entertainment, appeals to customers looking for hassle-free travel options. Additionally, the growing trend of experiential travel and the desire for personalized and immersive experiences contribute to the rising popularity of cruises among Lithuanian travelers.
Trends in the market: One significant trend in the Lithuanian Cruises market is the increasing demand for cruises to Northern European destinations. Customers are attracted to cruises that offer visits to picturesque Scandinavian countries and the Baltic region, showcasing a mix of cultural experiences and natural beauty. Moreover, themed cruises focusing on specific interests such as gastronomy, wellness, or adventure activities are gaining traction among Lithuanian travelers seeking niche experiences during their vacations.
Local special circumstances: Lithuania's geographical location along the Baltic Sea plays a crucial role in shaping the Cruises market in the country. The presence of ports like Klaipėda enables easy access to popular cruise routes in the Baltic region, making it a convenient starting point for cruise itineraries. The country's rich maritime history and heritage also contribute to the appeal of cruises among local customers, fostering a sense of connection to the sea and exploration.
Underlying macroeconomic factors: The improving economic conditions in Lithuania, coupled with rising disposable incomes among the population, have fueled the growth of the Cruises market. As more Lithuanians have the financial means to afford leisure travel, the demand for cruise vacations is expected to continue growing. Additionally, the development of tourism infrastructure and services in the country supports the expansion of the cruise industry, offering a seamless experience for travelers from booking to disembarkation.
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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