Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Nordics has been experiencing significant growth and development in recent years.
Customer preferences: Cruises in the Nordics are becoming increasingly popular among travelers who seek unique and immersive experiences. Customers are drawn to the stunning natural landscapes, picturesque fjords, and vibrant cities that the region has to offer. The trend towards sustainable travel also plays a significant role in shaping customer preferences, with many travelers opting for eco-friendly cruise options.
Trends in the market: One noticeable trend in the Nordic Cruises market is the rise of expedition cruises. These cruises cater to adventure-seeking travelers looking to explore remote and off-the-beaten-path destinations in the Arctic and Antarctic regions. Additionally, themed cruises focusing on wellness, gastronomy, or cultural experiences are gaining popularity among tourists seeking a more specialized and enriching cruise experience in the Nordics.
Local special circumstances: The unique geography of the Nordic region presents special circumstances for the Cruises market. The presence of midnight sun during the summer months allows for extended daylight hours, providing passengers with more time to enjoy outdoor activities and scenic views. Furthermore, the region's rich maritime history and cultural heritage contribute to the appeal of cruising in the Nordics, offering passengers a chance to explore historic ports and learn about local traditions.
Underlying macroeconomic factors: The strong economy in the Nordics, coupled with high disposable incomes among the population, has contributed to the growth of the Cruises market in the region. Additionally, government support for the tourism industry and infrastructure development in key port cities have made the Nordics an attractive destination for cruise operators and travelers alike. The stability and safety of the region also play a crucial role in attracting tourists looking for a secure and hassle-free travel experience.
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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