Cruises - Singapore | Statista Market Forecast

By 2024, Singapore's Cruises market is expected to generate revenue of US$1.05bn.
The projected market volume is expected to reach US$1.25bn by 2029, showing an annual growth rate (CAGR 2024-2029) of 3.60%.
In terms of user penetration, it is expected to increase from 19.31% in 2024 to 26.64% by 2029, with an expected number of users amounting to 1.66m users by 2029.
The average revenue per user (ARPU) is anticipated to be US$897.20.
Furthermore, it is expected that 17% of the total revenue in the Cruises market will come from online sales by 2029.
It is noteworthy to mention that United States is projected to generate the most revenue in the global comparison, with an estimated revenue of US$25bn in 2024.
Singapore, with its world-class port facilities, is becoming a popular embarkation point for luxury cruise lines in Asia.

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 Singapore has been experiencing a surge in popularity in recent years, attracting both local residents and tourists alike.

Customer preferences: Customers in Singapore are increasingly drawn to the convenience and luxury that cruises offer. With busy lifestyles, many Singaporeans appreciate the all-inclusive nature of cruise vacations, where accommodation, dining, and entertainment are all taken care of in one package. Additionally, the variety of destinations and activities available on cruises appeal to travelers of all ages and interests.

Trends in the market: One notable trend in the Singaporean Cruises market is the growing demand for themed and specialty cruises. From wellness and fitness cruises to culinary and music-themed voyages, cruise lines are catering to niche interests to attract a diverse range of customers. This trend reflects a broader global shift towards personalized and unique travel experiences.

Local special circumstances: Singapore's strategic location in Southeast Asia has positioned it as a key cruise hub in the region. The country's modern cruise terminals and efficient infrastructure make it an attractive starting point for both regional and international cruise itineraries. Additionally, the government's efforts to promote tourism and develop the cruise industry have further boosted Singapore's appeal as a cruise destination.

Underlying macroeconomic factors: The steady economic growth and rising disposable incomes in Singapore have contributed to the increasing demand for cruises. As more Singaporeans have the financial means to afford luxury travel experiences, the cruise market has seen a corresponding uptick in bookings. Furthermore, the government's initiatives to promote tourism and develop the cruise industry have created a favorable environment for market growth.

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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