The Cruises market in LATAM has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in LATAM are increasingly drawn to cruise vacations due to the convenience of visiting multiple destinations in one trip, the variety of onboard activities and entertainment, as well as the all-inclusive nature of cruise packages.
Trends in the market: In Brazil, the largest cruise market in LATAM, there has been a notable increase in the number of domestic cruises catering to local passengers. This trend can be attributed to the growing middle-class population with disposable income seeking affordable travel options within the region.
Local special circumstances: Countries like Mexico and Colombia are emerging as key players in the LATAM Cruises market, with their picturesque coastal regions and cultural attractions attracting both domestic and international cruisers. Additionally, the expansion of port infrastructure in these countries has made them more accessible to cruise lines, further driving market growth.
Underlying macroeconomic factors: The improving economic conditions in LATAM countries have led to a rise in consumer spending on leisure activities, including cruise vacations. As disposable incomes increase and travel becomes more affordable, more people are opting for cruises as a convenient and enjoyable way to explore different destinations. Additionally, favorable exchange rates in some countries have made cruise travel more attractive to international tourists, boosting the overall market demand.
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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