The Cruises market in Malta has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Malta are increasingly drawn to cruises as a convenient and hassle-free way to explore different destinations. The all-inclusive nature of cruise packages, which often include accommodation, meals, and entertainment, appeals to customers seeking a seamless travel experience. Additionally, the variety of activities and amenities offered on modern cruise ships cater to a wide range of preferences, from relaxation by the pool to adventurous shore excursions.
Trends in the market: One notable trend in the Cruises market in Malta is the increasing demand for luxury and boutique cruises. Travelers are willing to pay a premium for unique experiences, personalized service, and exclusive amenities offered by smaller cruise lines. This trend reflects a growing preference for more intimate and tailored travel experiences among tourists in Malta. Furthermore, there is a rising interest in themed cruises, such as culinary or wellness-focused journeys, which cater to specific interests and hobbies of travelers.
Local special circumstances: Malta's strategic location in the Mediterranean Sea has positioned it as a popular cruise destination, attracting both large cruise liners and smaller expedition ships. The island's rich history, cultural heritage, and picturesque landscapes make it a compelling port of call for cruise itineraries. Moreover, Malta's well-developed infrastructure, including modern cruise terminals and facilities, enhances the overall cruise experience for passengers and contributes to the industry's growth.
Underlying macroeconomic factors: The growth of the Cruises market in Malta is also influenced by broader macroeconomic factors, such as increasing disposable incomes and changing travel preferences among consumers. As the global economy recovers from the impact of the COVID-19 pandemic, there is a renewed interest in travel and tourism, including cruise vacations. Malta's efforts to promote sustainable tourism practices and environmental conservation align with the growing emphasis on responsible travel in the industry, attracting environmentally conscious travelers to the destination.
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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