Hungary, known for its stunning architecture, rich history, and vibrant culture, has seen a notable development in the Cruises market in recent years.
Customer preferences: Travelers in Hungary are increasingly drawn to the idea of exploring new destinations and cultures through cruise vacations. The convenience of visiting multiple cities or countries in one trip, combined with the luxury and comfort provided by cruise ships, has become a popular choice among Hungarian tourists. Additionally, the all-inclusive nature of cruise packages appeals to those seeking hassle-free travel experiences.
Trends in the market: One prominent trend in the Hungarian Cruises market is the growing demand for river cruises. With the Danube River running through Hungary and offering breathtaking views of cities like Budapest, river cruises have become a favorite choice for local travelers. These cruises often include stops at historical sites and cultural landmarks, providing a unique and immersive travel experience.
Local special circumstances: Hungary's strategic location in Central Europe, with easy access to other popular cruise destinations along the Danube River, contributes to the country's attractiveness as a cruise market. The country's picturesque landscapes, thermal baths, and culinary delights further enhance its appeal to cruise passengers looking for diverse experiences in one trip.
Underlying macroeconomic factors: The increasing disposable income of Hungarian consumers has played a significant role in the growth of the Cruises market. As more people have the financial means to afford luxury vacations, the demand for cruise travel has surged. Additionally, the stability of Hungary's economy and the overall growth of the tourism sector have created a favorable environment for the development 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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