Cruises - Senegal | Statista Market Forecast

In Senegal, the revenue of the Cruises market is expected to reach US$683.20k in 2024.
The projected market volume is estimated to be US$851.50k by 2029, indicating an annual growth rate (CAGR 2024-2029) of 4.50%.
Moreover, the number of users is expected to reach 2.09k users by 2029, with a user penetration of 0.01% in both 2024 and 2029.
The average revenue per user (ARPU) is projected to be US$563.90.
It is also noteworthy that in the Cruises market, 19% of the total revenue will be generated through online sales by 2029.
In terms of global comparison, United States is expected to generate the most revenue, with a projected revenue of US$25bn in 2024.
Senegal's cruise market is gaining traction with offerings of cultural excursions and wildlife viewing along its picturesque coastline.

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 Senegal has been experiencing notable growth in recent years, attracting both domestic and international travelers looking to explore the country's beautiful coastline and rich cultural heritage.

Customer preferences: Travelers in Senegal are increasingly seeking unique and immersive experiences, driving the demand for cruise vacations that offer a combination of relaxation, adventure, and cultural discovery. With a growing middle class and rising disposable incomes, more Senegalese are opting for cruise holidays as a luxurious and convenient way to explore the country and beyond.

Trends in the market: One of the key trends shaping the Cruises market in Senegal is the rise of themed and specialty cruises catering to specific interests such as eco-tourism, culinary experiences, and wellness retreats. These niche offerings are appealing to discerning travelers looking for tailored experiences that go beyond traditional sightseeing.

Local special circumstances: Senegal's strategic location along the West African coast positions it as a gateway for cruise ships exploring the region. The country's vibrant culture, diverse landscapes, and wildlife reserves make it an attractive destination for cruise operators looking to expand their itineraries and offer passengers a mix of urban and natural experiences.

Underlying macroeconomic factors: The growth of the Cruises market in Senegal is also influenced by macroeconomic factors such as government investment in tourism infrastructure, improved political stability, and efforts to promote the country as a tourist-friendly destination. As Senegal continues to position itself as a key player in the regional tourism industry, the Cruises market is poised to further expand and diversify its offerings to meet the evolving preferences of travelers.

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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