Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in MENA has been experiencing significant growth and development in recent years.
Customer preferences: Customers in the MENA region are increasingly drawn to cruises as a luxurious and convenient way to travel and explore different destinations. The all-inclusive nature of cruise packages, offering accommodation, dining, entertainment, and transportation in one, appeals to customers looking for hassle-free vacations. Additionally, the variety of onboard activities and amenities cater to different preferences, making cruises an attractive option for families, couples, and solo travelers alike.
Trends in the market: In the MENA region, there is a noticeable trend towards shorter cruises that visit multiple destinations within a limited timeframe. This trend is driven by the desire of customers to experience different cultures and attractions in a single trip. Moreover, themed cruises such as wellness cruises, culinary cruises, and adventure cruises are gaining popularity among travelers seeking unique and tailored experiences. The demand for sustainable and eco-friendly cruises is also on the rise, with customers showing increasing concern for environmental issues.
Local special circumstances: One of the unique aspects of the Cruises market in MENA is the growing interest in cruise tourism among local residents. As disposable incomes rise and travel becomes more accessible, Middle Eastern travelers are increasingly opting for cruises to explore international destinations. The region's strategic location between Europe, Asia, and Africa makes it a convenient starting point for cruises to various parts of the world, further fueling the market growth.
Underlying macroeconomic factors: The development of the Cruises market in MENA is also influenced by macroeconomic factors such as economic stability, government initiatives to promote tourism, and infrastructure investments in ports and terminals. As countries in the region diversify their economies and invest in tourism as a key sector, the Cruises market stands to benefit from increased marketing efforts, improved facilities, and enhanced connectivity. Additionally, the region's favorable climate and rich cultural heritage make it an attractive destination for cruise operators looking to expand their offerings and attract a global customer base.
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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