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Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Southeast Asia has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Southeast Asia are increasingly drawn to cruises as a convenient and luxurious way to explore multiple destinations in a single trip. The allure of onboard amenities, diverse dining options, and entertainment choices cater to the evolving tastes of travelers seeking unique and immersive experiences.
Trends in the market: In Thailand, the growing popularity of river cruises along the Chao Phraya River in Bangkok showcases a shift towards more localized and culturally enriching cruise experiences. This trend aligns with the broader global movement towards sustainable tourism practices and authentic cultural encounters.
Local special circumstances: Indonesia's archipelagic geography presents a unique opportunity for cruise operators to offer island-hopping itineraries that showcase the country's natural beauty and diverse cultures. The government's efforts to develop cruise tourism infrastructure in destinations like Bali and Komodo Island further support the expansion of the market in the region.
Underlying macroeconomic factors: The rising disposable incomes and expanding middle-class population in countries like Vietnam and the Philippines have contributed to the increasing demand for cruise travel among locals. As more Southeast Asian economies continue to grow, the affordability and accessibility of cruises are likely to attract a broader customer base looking for premium travel experiences.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)