Cruises - Uruguay | Statista Market Forecast

Uruguay is expected to see a significant revenue increase in the Cruises market, with a projected revenue of US$6.62m in 2024.
This revenue is expected to grow annually at a rate of 7.29%, resulting in a projected market volume of US$9.41m by 2029.
By 2029, the number of users in this market is expected to reach 11.65k users.
The current user penetration is 0.20% and is projected to increase to 0.34% by 2029.
The average revenue per user (ARPU) is expected to be US$967.00.
It is worth noting that 28% of the total revenue in this market is projected to come from online sales by 2029.
When compared globally, United States is expected to generate the highest revenue of US$25bn in 2024.
Uruguay's rising popularity among luxury travelers has led to an increase in demand for high-end cruise experiences.

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 Uruguay has been experiencing significant growth and development in recent years.

Customer preferences: Uruguayan customers are increasingly drawn to the idea of cruise vacations due to the convenience and luxury they offer. The all-inclusive nature of cruises appeals to travelers looking for hassle-free holiday experiences. Additionally, the variety of onboard activities and entertainment options cater to a wide range of preferences, making cruises an attractive choice for many Uruguayan tourists.

Trends in the market: One notable trend in the Uruguayan Cruises market is the increasing demand for expedition cruises to explore remote and unique destinations. Travelers are seeking more immersive experiences and are willing to venture off the beaten path. This trend aligns with the global shift towards experiential travel and sustainable tourism practices. As a result, cruise operators are expanding their offerings to include more expedition cruises to meet the growing demand from Uruguayan travelers.

Local special circumstances: Uruguay's strategic location as a cruise destination in South America contributes to the growth of its Cruises market. The country's beautiful coastline, including popular ports like Montevideo and Punta del Este, attracts cruise ships from around the world. Uruguay's rich cultural heritage, vibrant cities, and stunning natural landscapes make it an appealing stop for cruise itineraries in the region. The government's efforts to promote tourism and improve infrastructure further support the development of the Cruises market in Uruguay.

Underlying macroeconomic factors: The stable economic conditions in Uruguay have also played a role in the expansion of the Cruises market. With a growing middle class and increasing disposable income, more Uruguayan consumers are able to afford cruise vacations. The country's favorable exchange rates and competitive pricing offered by cruise operators make this travel option more accessible to a larger segment of the population. As a result, the Cruises market in Uruguay is poised for continued growth in the coming years.

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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