Contact
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in ASEAN is experiencing a significant growth trajectory, driven by various factors influencing consumer preferences, market trends, and local special circumstances.
Customer preferences: Travelers in ASEAN countries are increasingly seeking unique and experiential travel opportunities, leading to a growing interest in cruises. The convenience of visiting multiple destinations in a single trip, coupled with the luxurious amenities and entertainment options offered by cruise lines, has captured the interest of a wide range of consumers in the region.
Trends in the market: In Singapore, the cruises market is witnessing a surge in popularity due to the city-state's strategic location as a major cruise hub in Southeast Asia. The country's state-of-the-art cruise terminals and seamless connectivity to popular destinations in the region have attracted a growing number of both international and domestic cruisers. Additionally, themed cruises and short getaways are gaining traction among Singaporean travelers, catering to different interests and demographics.
Local special circumstances: Thailand, known for its stunning coastlines and vibrant culture, is emerging as a key player in the ASEAN cruises market. The country's picturesque islands and bustling ports serve as attractive starting points for cruise itineraries around the region. Furthermore, Thailand's efforts to develop its cruise infrastructure and streamline visa procedures for cruise passengers have contributed to the sector's growth, making it a preferred destination for cruise operators and travelers alike.
Underlying macroeconomic factors: The economic growth and rising disposable incomes in ASEAN countries have bolstered the cruises market by expanding the middle-class population with the financial means to afford cruise vacations. As more consumers in the region prioritize experiences and leisure travel, the demand for cruises is expected to continue on an upward trajectory. Additionally, government initiatives to promote tourism and develop cruise-friendly policies are further fueling the expansion of the cruises market in ASEAN.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)