Key regions: Indonesia, Singapore, United States, India, Vietnam
Over the past few years, the Cruises market in Eastern Asia has been experiencing significant growth and development.
Customer preferences: Customers in Eastern Asia are increasingly drawn to unique and culturally immersive cruise experiences. They are looking for cruises that offer a blend of traditional Asian hospitality with modern amenities and entertainment options. Additionally, there is a growing demand for eco-friendly and sustainable cruise options in the region.
Trends in the market: In Japan, there has been a rise in domestic cruises catering to local tourists who prefer shorter trips to nearby destinations. The country's rich history and picturesque coastal areas make it an attractive cruise destination. South Korea, on the other hand, is witnessing an increase in cruise ship visits, with many international cruise lines including it in their itineraries. The country's vibrant culture and booming tourism industry are contributing to this trend.
Local special circumstances: China, being one of the largest cruise markets in the region, has been investing heavily in cruise infrastructure and promoting cruise tourism. The Chinese government's support for the industry, along with the rising middle-class population with disposable income, has led to a surge in both outbound and domestic cruises. Hong Kong and Singapore serve as major cruise hubs in the region, attracting a large number of international cruise lines and tourists.
Underlying macroeconomic factors: The overall economic growth in Eastern Asia, coupled with increasing disposable incomes, has fueled the expansion of the cruise market in the region. As more people seek unique travel experiences, the demand for cruises is expected to continue growing. Additionally, the improving standard of living and infrastructure development in many Eastern Asian countries are making cruise travel more accessible to a larger population.
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)
