Cruises - Laos | Statista Market Forecast

By 2024, revenue in the Cruises market in Laos is projected to reach US$1.08m.
Moreover, it is expected to display an annual growth rate (CAGR 2024-2029) of 8.41%, resulting in a projected market volume of US$1.61m by 2029.
As for the number of users, it is projected to amount to 2.76k users by 2029, with a user penetration of 0.02% in 2024, which is expected to increase to 0.03% by 2029.
The average revenue per user (ARPU) is expected to be US$578.90.
In the Cruises market in Laos, 24% of the total revenue will be generated through online sales by 2029.
In comparison to other countries, United States is expected to generate the highest revenue in the Cruises market, amounting to US$25bn in 2024.
While Laos may not be a traditional cruise destination, its unique Mekong River and cultural heritage are drawing more interest from adventurous travelers seeking a new experience.

Definition:

A cruise is a multi-day vacation trip on a cruise ship which crosses the sea or large inland waters while calling at different tourist destinations along a certain route. With this kind of ship journey, it is not the aspect of transport that is in the spotlight but the stay aboard the ship as well as visiting the tourist destinations. The Cruises market encompasses exclusively passenger ticket revenues. Onboard and other revenues are not included.

Additional Information:

The main performance indicators of the Cruises market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

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Multi-day cruises
Ocean cruises and river cruises

Trips by ferry (including trips with overnight stay)
Trips by ferry mainly for transport purposes

The Cruises market in Laos is experiencing a gradual but steady growth, reflecting a global trend towards experiential travel and a rising interest in exploring unique destinations.

Customer preferences: Travelers in Laos are increasingly seeking unique and immersive experiences, driving the demand for cruise vacations that offer a combination of luxury, adventure, and cultural exploration. The preference for personalized and authentic travel experiences is leading to an uptick in demand for cruises that allow passengers to visit off-the-beaten-path destinations and engage with local communities.

Trends in the market: One notable trend in the Cruises market in Laos is the rise of river cruises along the Mekong River, offering passengers the opportunity to discover the country's stunning landscapes, traditional villages, and ancient temples. These river cruises cater to the growing interest in sustainable and eco-friendly travel options, providing a unique way to experience Laos' natural beauty and rich cultural heritage.

Local special circumstances: Laos' landlocked geography presents a unique opportunity for cruise operators to offer alternative travel experiences that differ from traditional ocean cruises. The country's serene rivers and scenic waterways provide a tranquil setting for cruise vacations, attracting travelers looking to explore Southeast Asia in a more intimate and leisurely manner.

Underlying macroeconomic factors: The development of the Cruises market in Laos is also influenced by broader macroeconomic factors such as increasing disposable incomes, infrastructure improvements, and government initiatives to promote tourism. As Laos continues to open up to international visitors and invest in its tourism sector, the Cruises market is poised to benefit from a growing number of tourists seeking unique and memorable travel experiences in the country.

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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