Cruises - South Korea | Statista Market Forecast

By 2024, it is projected that the revenue in the Cruises market in South Korea will reach US$45.24m.
Moreover, the market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 5.17%, which will result in a projected market volume of US$58.21m by 2029.
As for the number of users, it is expected to hit 68.58k users by 2029.
In 2024, the user penetration rate is 0.08% and it is expected to rise to 0.13% by 2029.
The average revenue per user (ARPU) is projected to amount to US$1.05k.
Additionally, it is expected that 24% of total revenue in the Cruises market will be generated through online sales by 2029.
In terms of global comparison, United States is projected to generate the most revenue, with US$25bn in 2024.
South Korea's cruise market is expanding with more luxury options, such as the recently launched Genting Dream, now catering to the country's growing middle class.

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 South Korea has been witnessing a steady growth in recent years, reflecting the increasing interest of South Korean consumers in cruise travel.

Customer preferences: South Korean consumers are increasingly drawn to the idea of cruise vacations due to the unique experiences they offer, such as visiting multiple destinations in one trip, enjoying various onboard amenities, and the convenience of unpacking only once. The trend of seeking experiential travel and exploring new cultures has been a significant driver of the growth in the Cruises market in South Korea.

Trends in the market: One noticeable trend in the South Korean Cruises market is the growing demand for luxury and premium cruise experiences. South Korean travelers are showing a preference for high-end cruise lines that offer exclusive services, gourmet dining options, and personalized experiences. Additionally, themed cruises catering to different interests such as wellness, adventure, or gastronomy are gaining popularity among South Korean consumers.

Local special circumstances: South Korea's geographical location as a peninsula surrounded by water makes it an ideal market for cruise tourism. The country's numerous ports along its coastlines provide convenient embarkation points for cruise ships, making it easier for South Korean travelers to access a variety of cruise itineraries. Furthermore, the government's efforts to promote tourism and improve infrastructure at ports have contributed to the development of the Cruises market in South Korea.

Underlying macroeconomic factors: The growing affluence of South Korean consumers and their increasing disposable income have played a significant role in driving the growth of the Cruises market. As more South Koreans have the financial means to afford luxury travel experiences, the demand for cruises has seen a notable uptick. Additionally, the rise of the middle-class segment in South Korea has made cruise travel more accessible to a broader range of consumers, further fueling the expansion of the market.

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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