The Cruises market in Colombia has been experiencing a notable growth in recent years, reflecting a growing interest in cruise travel among Colombians.
Customer preferences: Colombian customers are increasingly seeking unique and personalized cruise experiences, favoring itineraries that offer cultural immersion, adventure activities, and opportunities to explore exotic destinations. There is a rising demand for cruises that cater to diverse age groups and interests, from families looking for kid-friendly amenities to young adults seeking vibrant nightlife options onboard.
Trends in the market: One of the noticeable trends in the Colombian Cruises market is the expansion of cruise lines offering routes to lesser-known destinations in South America, such as the Colombian Caribbean coast. This trend reflects a shift towards more localized and off-the-beaten-path experiences, appealing to travelers looking for authenticity and exploration. Additionally, the market has seen an increase in themed cruises catering to specific interests like gastronomy, wellness, and eco-tourism, aligning with global trends in experiential travel.
Local special circumstances: Colombia's unique geographical position as a gateway to South America plays a significant role in shaping the Cruises market. The country's diverse landscapes, rich cultural heritage, and vibrant cities make it an attractive starting point for cruise itineraries exploring the region. The Colombian government's efforts to promote tourism and improve infrastructure have also contributed to the market's development, making it easier for cruise operators to include Colombia in their routes.
Underlying macroeconomic factors: The economic stability and growing middle class in Colombia have increased disposable income levels, allowing more Colombians to afford cruise vacations. As the cruise industry becomes more accessible and affordable, it opens up opportunities for both domestic and international cruise lines to attract a larger customer base in the country. Moreover, the positive outlook on Colombia's tourism sector and the overall increase in international visitors have created a favorable environment for the growth of the Cruises market in the country.
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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