The Cruises market in Saudi Arabia has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Saudi Arabia are increasingly drawn to luxury cruise experiences that offer high-end amenities and services. The demand for cruises that provide unique and culturally immersive experiences is on the rise, as travelers seek to explore new destinations and engage in authentic local activities.
Trends in the market: One notable trend in the Saudi Arabian Cruises market is the growing interest in domestic cruises along the Red Sea coast. As the government invests in developing the country's tourism infrastructure, more cruise operators are expanding their offerings to include domestic routes that showcase the natural beauty and historical sites of Saudi Arabia. Additionally, themed cruises focusing on wellness, adventure, and family-friendly experiences are gaining popularity among Saudi travelers.
Local special circumstances: Saudi Arabia's Vision 2030 initiative, which aims to diversify the country's economy and promote tourism, has had a significant impact on the Cruises market. The government's efforts to ease visa restrictions, develop tourist destinations, and enhance transportation networks have created a favorable environment for the growth of the cruise industry. Moreover, the country's strategic location along major maritime routes has positioned Saudi Arabia as a key player in the regional cruise market.
Underlying macroeconomic factors: The increasing disposable income and changing lifestyles of Saudi consumers are driving the growth of the Cruises market in the country. As more individuals prioritize experiences and leisure travel, the demand for cruise vacations is expected to continue rising. Furthermore, the government's investments in tourism infrastructure and promotional campaigns to attract international cruise operators are contributing to the expansion of the 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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