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Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Southern Europe has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Southern Europe are increasingly seeking unique and experiential travel opportunities, which has led to a rise in demand for cruise vacations. Customers are looking for curated experiences, personalized services, and cultural immersion during their cruise holidays.
Trends in the market: In Italy, the Cruises market is witnessing a trend towards smaller, luxury cruises that explore off-the-beaten-path destinations along the Mediterranean coast. This shift is driven by a desire for authentic experiences and avoiding overcrowded tourist hotspots.
Local special circumstances: Spain, with its extensive coastline and rich maritime history, is becoming a popular cruise destination in Southern Europe. The country's ports are investing in infrastructure to accommodate larger cruise ships, attracting major cruise lines to include Spanish ports in their itineraries.
Underlying macroeconomic factors: The improving economic conditions in countries like Greece and Portugal have contributed to the growth of the Cruises market in Southern Europe. As disposable incomes rise, more people are able to afford luxury cruise vacations, boosting the overall market demand.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)