The Cruises market in Latvia has been steadily growing in recent years, reflecting a global trend towards increased interest in cruise vacations.
Customer preferences: Cruise passengers in Latvia are increasingly seeking unique and immersive travel experiences, opting for cruises that offer cultural enrichment and off-the-beaten-path destinations. This shift in preferences mirrors a broader trend in the global cruise market, where travelers are moving away from traditional tourist hotspots towards more authentic and experiential journeys.
Trends in the market: One notable trend in the Latvian cruise market is the rise of expedition cruises to the Baltic Sea region. These cruises cater to adventurous travelers looking to explore the natural beauty and rich history of the Baltic countries, including Latvia. As a result, cruise lines are expanding their offerings to include more expedition-style itineraries that appeal to this growing segment of the market.
Local special circumstances: Latvia's strategic location on the Baltic Sea has positioned it as a key port of call for cruise ships in the region. The country's well-preserved medieval architecture, vibrant cultural scene, and picturesque landscapes make it an attractive destination for cruise passengers seeking a mix of history, culture, and natural beauty. Additionally, Latvia's relatively lower operating costs compared to other European countries have made it an appealing choice for cruise lines looking to expand their itineraries in the Baltic Sea.
Underlying macroeconomic factors: The growing popularity of cruises in Latvia can also be attributed to the country's improving economic conditions and rising disposable incomes. As Latvians have more spending power, they are increasingly looking to invest in travel experiences, including cruises. This positive economic outlook, coupled with the overall growth of the tourism industry in Latvia, bodes well for the continued development of the cruise 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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