The Cruises market in Western Asia is experiencing a surge in popularity, driven by various factors contributing to its growth.
Customer preferences: Travelers in Western Asia are increasingly seeking unique and luxurious travel experiences, leading to a rising interest in cruise vacations. The convenience of visiting multiple destinations in a single trip, combined with onboard amenities and entertainment options, appeals to the discerning tastes of customers in the region.
Trends in the market: In the United Arab Emirates, the emergence of Dubai as a major cruise hub has significantly boosted the Cruises market. The city's world-class infrastructure, along with its strategic location as a gateway to the Middle East, has attracted a growing number of cruise lines and passengers. Moreover, the trend of themed cruises focusing on wellness, adventure, or cultural experiences is gaining traction among travelers in the region.
Local special circumstances: Countries like Oman and Qatar are also investing in developing their cruise tourism sectors, capitalizing on their rich cultural heritage and stunning natural landscapes. In Oman, the port of Muscat has become a popular stop for cruise ships, offering visitors a glimpse into the country's history and traditions. Similarly, Qatar is enhancing its cruise facilities to cater to the increasing demand from luxury cruise operators.
Underlying macroeconomic factors: The economic diversification efforts in countries like Saudi Arabia and Bahrain are driving the growth of the Cruises market in Western Asia. As these nations reduce their dependence on oil revenues and focus on developing tourism infrastructure, the cruise industry is poised to benefit from investments in ports, attractions, and hospitality services. Additionally, the region's improving political stability and safety measures are instilling confidence in both cruise operators and travelers, further fueling the market's expansion.
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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