The Cruises market in Peru has been experiencing a notable growth in recent years, reflecting a global trend towards increased interest in cruise travel.
Customer preferences: Cruise passengers in Peru are increasingly looking for unique and culturally enriching experiences during their voyages. They are drawn to cruises that offer opportunities to explore local attractions, indulge in authentic cuisine, and engage in immersive cultural activities. This shift in customer preferences mirrors a broader trend in the global cruise industry, where travelers seek more meaningful and personalized experiences.
Trends in the market: One of the key trends shaping the Cruises market in Peru is the growing demand for expedition cruises to remote and off-the-beaten-path destinations. Travelers are showing a keen interest in exploring the country's diverse coastal regions, including the Amazon River and the Pacific coastline, onboard smaller and more specialized cruise ships. This trend highlights a shift towards sustainable and eco-conscious tourism practices, as passengers seek to minimize their environmental impact while enjoying unique travel experiences.
Local special circumstances: Peru's rich cultural heritage and natural beauty make it an attractive destination for cruise travelers looking to immerse themselves in history and explore breathtaking landscapes. The country's vibrant culinary scene, ancient archaeological sites, and diverse ecosystems appeal to a wide range of travelers, from adventure seekers to history buffs. The increasing popularity of Peru as a cruise destination is also driven by the government's efforts to promote tourism and improve infrastructure along the country's coastlines, making it easier for cruise ships to access a variety of ports of call.
Underlying macroeconomic factors: The growth of the Cruises market in Peru is further supported by favorable macroeconomic conditions, including a stable economy, rising disposable incomes, and increasing consumer confidence. As more Peruvians are able to afford luxury travel experiences, the demand for cruises is expected to continue to rise. Additionally, the country's strategic location as a gateway to South America and its proximity to popular cruise routes in the Pacific Ocean contribute to its appeal as a cruise destination for both domestic and international 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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