Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Hong Kong has been experiencing a significant growth in recent years, attracting both local residents and tourists alike.
Customer preferences: Cruise passengers in Hong Kong are increasingly seeking unique and immersive experiences during their travels. They are drawn to cruises that offer a blend of luxury amenities, cultural enrichment, and scenic views. Additionally, there is a growing demand for themed cruises and wellness-focused activities on board.
Trends in the market: One prominent trend in the Hong Kong Cruises market is the rise of short getaway cruises to nearby destinations in Asia. These short cruises appeal to busy professionals and families looking for a quick escape without the need for extensive travel planning. Moreover, there is a noticeable increase in the number of cruise lines offering themed cruises tailored to specific interests such as gastronomy, adventure sports, and music festivals.
Local special circumstances: Hong Kong's strategic location in the heart of Asia makes it a prime hub for cruise travel in the region. The city's world-class cruise terminals and efficient transportation infrastructure have positioned it as a popular embarkation point for cruises to various destinations in Asia. Additionally, Hong Kong's vibrant culinary scene, shopping districts, and cultural attractions offer unique pre and post-cruise experiences for passengers.
Underlying macroeconomic factors: The growth of the Cruises market in Hong Kong can be attributed to several macroeconomic factors, including the city's strong economy, rising disposable incomes, and increasing emphasis on leisure spending. As more people prioritize experiences over material possessions, the demand for cruise travel as a form of experiential luxury is expected to continue to rise in Hong Kong. Furthermore, the government's efforts to promote Hong Kong as a leading cruise destination through marketing campaigns and infrastructure developments have also contributed to the market's expansion.
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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