Key regions: Indonesia, Singapore, United States, India, Vietnam
Over the past decade, the Cruises market in Asia has experienced significant growth and development, becoming an increasingly popular choice for travelers in the region.
Customer preferences: Travelers in Asia are increasingly seeking unique and experiential travel opportunities, which has led to a growing interest in cruise vacations. Many customers are drawn to the convenience and luxury that cruises offer, allowing them to visit multiple destinations in a single trip while enjoying various onboard amenities and entertainment options.
Trends in the market: In Japan, there has been a rise in demand for luxury cruises, particularly among affluent travelers looking for high-end experiences. The country's unique blend of traditional culture and modern attractions has made it a popular destination for cruise lines, leading to an increase in cruise offerings in the region.
Local special circumstances: China, as one of the largest cruise markets in Asia, has been experiencing a boom in cruise tourism in recent years. The Chinese government has been investing heavily in developing its cruise industry, building new ports and infrastructure to accommodate the growing number of cruise ships and passengers. This has made cruising more accessible to a larger segment of the population, driving further growth in the market.
Underlying macroeconomic factors: The overall economic growth in Asia, coupled with rising disposable incomes among the middle class, has contributed to the expansion of the cruise market in the region. As more people are able to afford leisure travel, the demand for cruise vacations has increased. Additionally, favorable government policies and investments in tourism infrastructure have helped to support the growth of the cruise industry in Asia.
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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