Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Bhutan has been experiencing notable growth and development in recent years.
Customer preferences: Customers in Bhutan are increasingly drawn to cruising as a unique and luxurious travel experience. The opportunity to explore different destinations while enjoying high-quality services and amenities on board appeals to the discerning tastes of Bhutanese travelers. Additionally, the growing trend of experiential travel and the desire for immersive cultural experiences have contributed to the rising popularity of cruises among Bhutanese tourists.
Trends in the market: One of the key trends in the Cruises market in Bhutan is the increasing demand for expedition cruises to remote and exotic locations. Bhutanese travelers are seeking off-the-beaten-path destinations and authentic cultural encounters, making expedition cruises to lesser-known ports of call particularly attractive. This trend aligns with the overall shift towards sustainable and responsible tourism practices, as expedition cruises often focus on environmental conservation and supporting local communities.
Local special circumstances: Bhutan's unique geographical location and landlocked status present special circumstances for the Cruises market. While Bhutan does not have direct access to the sea, the country's growing interest in cruises has led to partnerships with neighboring countries for river cruises and access to international cruise ports. This collaboration has opened up new opportunities for Bhutanese travelers to embark on cruise adventures and explore diverse destinations around the world.
Underlying macroeconomic factors: The development of the Cruises market in Bhutan is also influenced by macroeconomic factors such as rising disposable incomes and changing travel preferences. As the economy grows and more Bhutanese consumers have the financial means to afford luxury travel experiences, the demand for cruises is expected to continue on an upward trajectory. Furthermore, government initiatives to promote tourism and improve infrastructure have created a favorable environment for the expansion of the Cruises market in Bhutan.
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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