Key regions: Indonesia, Singapore, United States, India, Vietnam
Luxembourg, known for its picturesque landscapes and rich cultural heritage, has seen a notable development in its Cruises market.
Customer preferences: Luxembourg's Cruises market is witnessing a shift in customer preferences towards experiential travel. Travelers are increasingly seeking unique and immersive cruise experiences that allow them to explore different destinations and cultures. This trend aligns with the global shift towards experiential travel, where passengers are looking for more than just a traditional cruise vacation.
Trends in the market: One of the key trends in Luxembourg's Cruises market is the growing demand for river cruises. River cruises offer passengers the opportunity to discover charming towns and cities along the waterways, providing a more intimate and culturally enriching experience. This trend is in line with the overall growth of river cruises in Europe, where travelers are drawn to the scenic beauty and cultural attractions along the continent's rivers.
Local special circumstances: Luxembourg's strategic location in the heart of Europe has contributed to the growth of its Cruises market. The country serves as a gateway to several major European rivers, making it a convenient starting point for river cruises that traverse through multiple countries. Additionally, Luxembourg's affluent population has shown a propensity for luxury travel experiences, further fueling the demand for high-end cruises.
Underlying macroeconomic factors: The stable economic environment in Luxembourg has provided a conducive setting for the development of its Cruises market. With a high standard of living and disposable income, residents in Luxembourg have the means to indulge in luxury travel experiences such as cruises. Furthermore, the country's strong ties to neighboring European nations have facilitated partnerships and collaborations within the cruise industry, driving innovation and growth in 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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