Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Romania has been experiencing a steady growth in recent years, reflecting a growing interest in cruise travel among Romanian consumers.
Customer preferences: Romanian consumers are increasingly opting for cruises as a convenient and hassle-free way to explore multiple destinations in one trip. The all-inclusive nature of cruise packages appeals to customers looking for a seamless travel experience without the need to handle multiple bookings and logistics. Additionally, the variety of onboard activities and amenities offered by cruise lines cater to a wide range of preferences, making cruises an attractive option for different types of travelers.
Trends in the market: One notable trend in the Romanian Cruises market is the increasing demand for river cruises. With the Danube River running through Romania, river cruises have become a popular choice for local travelers seeking to discover the cultural and historical attractions along the river's route. These cruises offer a unique way to experience the beauty of the region while enjoying the comfort and luxury of a cruise ship.
Local special circumstances: Romania's strategic location along the Black Sea coast also plays a significant role in the development of the Cruises market. The country serves as a gateway to popular cruise destinations in the Black Sea region, attracting both domestic and international cruise lines to include Romanian ports in their itineraries. This has contributed to the growth of cruise tourism in Romania, with an increasing number of ships making stops at ports such as Constanta.
Underlying macroeconomic factors: The improving economic conditions in Romania have also contributed to the growth of the Cruises market. As disposable incomes rise and consumer confidence increases, more Romanians are willing to spend on leisure activities such as cruises. The expanding middle class in the country has created a larger market for cruise operators to tap into, driving further development and investment in the industry.
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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