Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in United States has been experiencing significant growth and evolution in recent years.
Customer preferences: Customers in the United States are increasingly looking for unique and immersive experiences when it comes to cruises. They are seeking personalized itineraries, themed cruises, and adventurous activities on board. The demand for eco-friendly and sustainable cruises is also on the rise, with passengers showing a growing interest in environmentally conscious travel options.
Trends in the market: One noticeable trend in the United States Cruises market is the expansion of cruise lines and routes to include more domestic destinations. With a growing interest in exploring local attractions and supporting domestic tourism, cruise companies are offering trips along the country's coastlines and to nearby islands. Additionally, there has been a rise in the popularity of river cruises among American travelers, providing a different perspective and experience compared to traditional ocean cruises.
Local special circumstances: The United States has a diverse geography and a wide range of coastal regions, making it an ideal market for a variety of cruise experiences. From the tropical waters of Hawaii and the Caribbean to the rugged coastlines of Alaska, there is something for every type of traveler. The presence of major port cities like Miami, Fort Lauderdale, and Los Angeles also contributes to the growth of the Cruises market, offering convenient embarkation points for passengers.
Underlying macroeconomic factors: The strong economy in the United States has been a driving force behind the growth of the Cruises market. With low unemployment rates and increasing disposable income, more Americans have the means to afford cruise vacations. Additionally, favorable exchange rates and competitive pricing by cruise companies have made cruising an attractive option for both budget-conscious and luxury travelers. The overall stability of the tourism industry in the United States has further boosted confidence among cruise operators, leading to continued investment and expansion in the market.
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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