The Cruises market in India has been witnessing a steady growth in recent years, reflecting the increasing interest of Indian consumers in cruise vacations.
Customer preferences: Indian consumers are increasingly looking for unique travel experiences, which has led to a growing demand for cruise vacations. The desire for luxury travel, exotic destinations, and hassle-free holiday experiences are driving more Indians towards cruise tourism.
Trends in the market: One of the key trends in the Indian Cruises market is the introduction of shorter cruise itineraries to cater to the preferences of Indian consumers. Cruise operators are offering weekend getaways and short trips to nearby destinations to attract first-time cruisers and young professionals. Additionally, themed cruises focusing on wellness, adventure, and cultural experiences are gaining popularity among Indian travelers.
Local special circumstances: The geographical location of India plays a significant role in shaping the Cruises market. With a vast coastline along the Arabian Sea and the Bay of Bengal, India has the potential to become a major hub for cruise tourism. Ports such as Mumbai, Cochin, and Chennai serve as important embarkation points for cruise ships, offering convenient access to popular tourist destinations.
Underlying macroeconomic factors: The growing economy and increasing disposable income of the middle-class population in India are fueling the demand for cruise vacations. As more Indians have the financial means to afford luxury travel experiences, the Cruises market is expected to continue its upward trajectory. Additionally, government initiatives to promote tourism and improve infrastructure at major ports are further supporting the growth of the cruise industry in India.
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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