Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Mongolia is experiencing a gradual but steady growth, reflecting a global trend towards experiential travel and exploration.
Customer preferences: Travelers in Mongolia are increasingly seeking unique and immersive experiences, which has led to a rise in demand for cruise vacations. The opportunity to visit multiple destinations in one trip, combined with the convenience of unpacking only once, appeals to customers looking to maximize their travel experiences.
Trends in the market: One notable trend in the Mongolian Cruises market is the increasing popularity of river cruises. Mongolia's stunning natural landscapes and the presence of rivers like the Orkhon River provide a picturesque backdrop for travelers seeking a different kind of cruise experience. River cruises offer a more intimate and serene journey, attracting travelers looking to explore off-the-beaten-path destinations.
Local special circumstances: Mongolia's landlocked geography presents a unique challenge for the cruise industry, as traditional ocean cruises are not feasible. However, this has paved the way for innovative cruise offerings that cater to the local market, such as river cruises and expedition cruises that explore Mongolia's diverse landscapes and cultural heritage.
Underlying macroeconomic factors: The growing disposable income and expanding middle class in Mongolia have contributed to the increasing demand for cruise vacations. As more Mongolians have the financial means to travel, the cruise industry is poised to benefit from this trend. Additionally, the government's efforts to promote tourism and infrastructure development have created a conducive environment for the growth of the Cruises market in Mongolia.
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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