The Cruises market in Kuwait has been experiencing a notable growth in recent years, reflecting an increasing interest in cruise travel among Kuwaiti consumers.
Customer preferences: Kuwaiti consumers are showing a growing preference for cruise vacations due to the convenience, luxury, and all-inclusive nature of cruise travel. The desire for unique travel experiences, exploration of different destinations, and the opportunity to relax and unwind while on board are driving factors for the popularity of cruises among customers in Kuwait.
Trends in the market: One of the prominent trends in the Cruises market in Kuwait is the introduction of more diverse and exotic itineraries to cater to the evolving preferences of Kuwaiti travelers. Cruise lines are offering routes that include popular destinations in the region, as well as unique experiences such as cultural excursions, culinary tours, and adventure activities to attract customers.
Local special circumstances: Kuwait's strategic location in the Arabian Gulf has positioned it as a key hub for cruise travel in the Middle East region. The country's modern infrastructure, world-class facilities, and growing tourism sector have contributed to making Kuwait an attractive market for cruise operators. Additionally, the affluent population in Kuwait with high disposable incomes is fueling the demand for luxury cruises and premium onboard experiences.
Underlying macroeconomic factors: The economic prosperity in Kuwait, driven by the oil industry and government investments, has bolstered consumer spending power and contributed to the growth of the Cruises market. As disposable incomes continue to rise, more Kuwaiti consumers are able to afford cruise vacations, leading to an expansion of the market and attracting international cruise lines to offer their services in the country.
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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