Cruises - Belgium

  • Belgium
  • in Belgium, a country in Western Europe, is expected to experience a significant growth in the Cruises market in the coming years.
  • According to the projections, the revenue in this market is estimated to reach US$67.20m by 2024, with a CAGR of 2.28% between 2024 and 2028, resulting in a projected market volume of US$73.53m by 2028.
  • The number of users is also expected to increase and reach 72.87k users by 2028.
  • In 2024, the user penetration rate in the Cruises market is expected to be 0.58% and is expected to hit 0.62% by 2028.
  • The average revenue per user (ARPU) is projected to be US$0.99k.
  • It is interesting to note that 28% of the total revenue in the Cruises market is expected to be generated through online sales by 2028.
  • Despite the growth expected in Belgium, it is still noteworthy that United States will generate the most revenue in the global comparison, with a projected revenue of US$15,160m in 2024.
  • Belgian cruise enthusiasts are showing an increased interest in river cruises, exploring the country's picturesque waterways and historic towns.

Key regions: Indonesia, Vietnam, Malaysia, Europe, Singapore

 
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Analyst Opinion

The cruise market is the smallest market within Travel & Tourism. It is more susceptible to economic uncertainty due to its higher price intensity. However, despite these challenges, a consistent market growth is anticipated. Cruises offer a distinctive travel experience, attracting a specific demographic willing to invest more in this form of vacation. Despite potential economic fluctuations, the cruise market is expected to continue expanding, driven by its allure and the industry's commitment to constant innovation and diversification. Providers are increasingly exploring new destinations and experiences to fuel demand and extend their market reach.

Methodology

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.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Analyst Opinion
  • Users
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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