Cruises - Spain | Statista Market Forecast

Spain is expected to witness a rise in revenue in the Cruises market, with a projected value of US$707.20m by 2024.
Moreover, the market is anticipated to grow at an annual growth rate (CAGR 2024-2029) of 1.89%, leading to an estimated market volume of US$776.70m by 2029.
It is predicted that the number of users in the Cruises market will reach 863.10k users by 2029.
In 2024, the user penetration is expected to be 1.41%, which will rise to 1.83% by 2029.
The average revenue per user (ARPU) is projected to be US$1.06k.
Furthermore, in the Cruises market, 27% of the total revenue is expected to be generated through online sales by 2029.
Notably, United States is expected to generate the highest revenue in the global comparison, with a projected revenue of US$25bn in 2024.
Spain's cruise market is experiencing growth due to a rise in domestic tourism and an increase in port infrastructure investment.

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 Spain has been experiencing a significant growth in recent years, attracting a diverse range of travelers looking to explore the beautiful Mediterranean coastline and vibrant cities.

Customer preferences: Travelers in Spain are increasingly drawn to the convenience and luxury that cruises offer. With the ability to visit multiple destinations in one trip, customers appreciate the opportunity to experience different cultures and landscapes without the hassle of planning multiple accommodations and transportation.

Trends in the market: One notable trend in the Cruises market in Spain is the rise of themed cruises catering to specific interests such as gastronomy, music, or wellness. These specialized cruises provide unique experiences for travelers seeking a more tailored and immersive vacation. Additionally, there is a growing demand for sustainable and eco-friendly cruises among environmentally conscious customers.

Local special circumstances: Spain's strategic location as a gateway to the Mediterranean makes it a popular starting point for cruises exploring the region. The country's rich history, diverse cuisine, and vibrant nightlife also contribute to its appeal as a cruise destination. Furthermore, Spain's well-developed tourism infrastructure and port facilities make it a convenient and attractive choice for cruise operators.

Underlying macroeconomic factors: The growth of the Cruises market in Spain is also influenced by macroeconomic factors such as disposable income levels, consumer confidence, and exchange rates. As the Spanish economy continues to recover from the impact of the global pandemic, more people are feeling financially secure to invest in leisure travel experiences like cruises. Additionally, favorable exchange rates and competitive pricing strategies by cruise companies make Spain an affordable option for both domestic and international 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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