Australia's Cruises market has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Australia are increasingly seeking unique and experiential travel opportunities, leading to a growing interest in cruise vacations. The desire for hassle-free travel experiences, all-inclusive packages, and the ability to visit multiple destinations in one trip are driving more Australians to choose cruises as their preferred holiday option.
Trends in the market: One notable trend in the Australian Cruises market is the increasing popularity of domestic cruises. Australians are exploring their own backyard, opting for cruises along the country's picturesque coastlines and to nearby island destinations. Additionally, themed cruises catering to different interests such as food and wine, wellness, and adventure are gaining traction among Australian travelers.
Local special circumstances: Australia's geographical location as an island continent surrounded by stunning coastlines and diverse marine life makes it an ideal hub for cruise tourism. The country's well-developed port infrastructure and the presence of popular cruise ports like Sydney, Melbourne, and Brisbane further contribute to the growth of the Cruises market in Australia.
Underlying macroeconomic factors: The strong Australian economy and rising disposable incomes have made luxury travel experiences more accessible to a larger segment of the population. This increased affluence, coupled with a growing emphasis on work-life balance and experiential spending, has fueled the demand for cruise vacations among Australians. Additionally, the convenience and value for money offered by cruises compared to traditional land-based holidays are attracting more consumers to explore this mode of travel.
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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