Cruises - Panama | Statista Market Forecast

By 2024, the projected revenue in the Cruises market in Panama is expected to reach US$17.47m.
The market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.47% during the period 2024-2029, resulting in a market volume projection of US$22.80m by 2029.
Moreover, the number of users in the Cruises market of Panama is expected to increase to 33.84k users by 2029.
In 2024, the user penetration is expected to be 0.48%, and it is projected to increase to 0.70% by 2029.
The Average Revenue Per User (ARPU) is estimated to be US$800.70.
Additionally, it is expected that 20% of the total revenue in the Cruises market will be generated through online sales by 2029.
In comparison to other countries, United States is expected to generate the highest revenue in the Cruises market, with a projected revenue of US$25bn in 2024.
Panama, with its strategic location and the Panama Canal, continues to be a key player in the cruise industry's expansion into Central and South America.

Definition:

A cruise is a multi-day vacation trip on a cruise ship which crosses the sea or large inland waters while calling at different tourist destinations along a certain route. With this kind of ship journey, it is not the aspect of transport that is in the spotlight but the stay aboard the ship as well as visiting the tourist destinations. The Cruises market encompasses exclusively passenger ticket revenues. Onboard and other revenues are not included.

Additional Information:

The main performance indicators of the Cruises market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

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Multi-day cruises
Ocean cruises and river cruises

Trips by ferry (including trips with overnight stay)
Trips by ferry mainly for transport purposes

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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