The Cruises market in North America has been experiencing significant growth and development in recent years.
Customer preferences: Customers in North America are increasingly seeking unique and personalized cruise experiences. They are looking for cruises that offer immersive cultural experiences, adventure activities, and eco-friendly initiatives. Additionally, there is a growing demand for shorter cruises that cater to busy lifestyles and offer quick getaways.
Trends in the market: In the United States, there has been a rise in the popularity of river cruises along the Mississippi and other iconic waterways. These cruises offer a different perspective of the country and appeal to travelers looking for a more intimate and relaxed experience. In Canada, expedition cruises to the Arctic and remote coastal regions have been gaining traction as travelers seek out off-the-beaten-path destinations.
Local special circumstances: The cruise market in North America is also influenced by the seasonal nature of travel. Cruises to Alaska are popular during the summer months when the weather is milder, while Caribbean cruises see high demand in the winter to escape the cold. This seasonality impacts the pricing and availability of cruises in the region.
Underlying macroeconomic factors: The strong economy in North America has contributed to the growth of the cruise market. With more disposable income, consumers are willing to spend on luxury travel experiences such as cruises. Additionally, low unemployment rates and high consumer confidence levels have boosted the overall travel industry, including the cruise sector. The favorable economic conditions have led to increased investment in new ships, onboard amenities, and technology to enhance the overall cruise experience for travelers.
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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