The Cruises market in Sri Lanka is experiencing a steady growth trajectory, driven by evolving customer preferences, emerging trends, and unique local special circumstances.
Customer preferences: Travelers in Sri Lanka are increasingly seeking unique and experiential travel opportunities, leading to a growing interest in cruise vacations. The desire for luxury, convenience, and immersive cultural experiences is fueling the demand for cruise holidays among both domestic and international tourists.
Trends in the market: One notable trend in the Sri Lankan cruise market is the rise of boutique and themed cruises catering to niche interests such as wellness, adventure, and culinary experiences. This trend reflects a broader global shift towards personalized and specialized travel offerings, appealing to discerning travelers seeking tailored experiences.
Local special circumstances: Sri Lanka's strategic location in the Indian Ocean positions it as a key hub for cruise itineraries exploring the region. The country's rich cultural heritage, diverse landscapes, and warm hospitality make it an attractive destination for cruise lines looking to expand their routes and offer unique experiences to passengers.
Underlying macroeconomic factors: The growth of the Cruises market in Sri Lanka is also influenced by macroeconomic factors such as increasing disposable incomes, infrastructure development, and government initiatives to promote tourism. As the country continues to invest in its tourism sector and improve connectivity, the cruise industry is poised to benefit from a supportive environment for growth and expansion.
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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