The Cruises market in EU-27 has been experiencing significant growth and development in recent years.
Customer preferences: Passengers in the EU-27 have shown a strong preference for cruises that offer unique and immersive experiences, such as themed cruises, cultural excursions, and adventure activities. There is also a growing demand for sustainable and eco-friendly cruise options, reflecting a broader trend towards responsible tourism.
Trends in the market: One notable trend in the EU-27 Cruises market is the increasing popularity of river cruises. These cruises offer passengers the opportunity to explore picturesque waterways and visit charming towns and cities along the route. River cruises are particularly appealing to travelers looking for a more intimate and relaxed cruising experience compared to traditional ocean cruises.
Local special circumstances: The EU-27 region is home to a diverse range of cultures, landscapes, and historical sites, making it a highly attractive destination for cruise travelers. From the sun-soaked Mediterranean coasts to the rugged beauty of the Norwegian fjords, there is no shortage of captivating destinations to explore in Europe. This rich tapestry of offerings ensures that the Cruises market in the EU-27 remains vibrant and dynamic.
Underlying macroeconomic factors: The growth of the Cruises market in the EU-27 can also be attributed to favorable macroeconomic conditions, such as rising disposable incomes, low unemployment rates, and increased consumer confidence. As more Europeans have the financial means to travel, the demand for cruises as a convenient and all-inclusive vacation option has continued to rise. Additionally, the EU's focus on promoting tourism and improving transportation infrastructure has further supported the expansion of the Cruises market in the region.
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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