Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Panama is experiencing a surge in popularity, with more tourists opting to explore the country's stunning coastlines and vibrant culture aboard luxury cruise ships.
Customer preferences: Tourists visiting Panama are increasingly seeking unique and immersive travel experiences, driving the demand for cruise vacations. Many travelers are attracted to the convenience and luxury offered by cruises, allowing them to visit multiple destinations in one trip while enjoying world-class amenities on board.
Trends in the market: In Panama, there is a noticeable trend towards eco-friendly and sustainable cruising options. Tourists are showing a growing interest in cruises that prioritize environmental conservation and support local communities. This trend aligns with the global movement towards responsible tourism and reflects a shift in consumer preferences towards more ethical travel choices.
Local special circumstances: Panama's strategic location as a gateway between North and South America makes it an ideal cruise destination. The country's rich biodiversity, including lush rainforests and diverse marine life, offers unique attractions for cruise passengers. Additionally, Panama's famous Panama Canal serves as a major draw for cruise lines and tourists alike, providing a memorable and iconic experience for travelers.
Underlying macroeconomic factors: The development of the Cruises market in Panama is also influenced by macroeconomic factors such as government policies, infrastructure investments, and global economic conditions. Panama's efforts to promote tourism and improve transportation infrastructure have contributed to the growth of the cruise industry in the country. Additionally, economic stability and rising disposable incomes in key source markets have made cruise vacations more accessible to a larger segment of the population.
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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