Portugal, known for its stunning coastline and rich maritime history, has seen a steady growth in its Cruises market in recent years.
Customer preferences: Travelers in Portugal are increasingly drawn to the convenience and luxury offered by cruises, opting for hassle-free vacations that combine multiple destinations in one trip. The appeal of all-inclusive packages, onboard entertainment, and the opportunity to explore different cultures and cuisines are key factors driving the demand for cruises among Portuguese tourists.
Trends in the market: One notable trend in the Cruises market in Portugal is the rise of river cruises along the Douro River. This niche segment has gained popularity due to the picturesque landscapes of the Douro Valley, a UNESCO World Heritage Site, attracting tourists looking for a unique and immersive travel experience. Additionally, there has been a growing interest in expedition cruises to the Azores, offering travelers the chance to explore the remote islands and diverse marine life of this Atlantic archipelago.
Local special circumstances: Portugal's strategic location on the Atlantic coast makes it a gateway for cruise ships traveling between Europe and the Americas, contributing to the country's position as a key cruise destination in the region. The ports of Lisbon, Porto, and Funchal have become important hubs for cruise itineraries, offering easy access to cultural landmarks, historical sites, and scenic beauty that appeal to a wide range of passengers.
Underlying macroeconomic factors: The growth of the Cruises market in Portugal is also influenced by broader macroeconomic trends, such as increasing disposable incomes and a growing middle class with a taste for luxury travel experiences. The country's stable political environment, improved infrastructure, and efforts to promote tourism have further supported the development of the cruise industry, attracting both domestic and international cruise lines to expand their offerings in the Portuguese market.
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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