Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Southern Asia is experiencing a notable surge in popularity, driven by various factors shaping the industry in this region.
Customer preferences: Travelers in Southern Asia are increasingly seeking unique and experiential journeys, leading to a growing demand for cruise vacations. The allure of exploring multiple destinations in a single trip, coupled with the convenience and luxury offered by cruise ships, is attracting a diverse range of customers, including families, honeymooners, and retirees.
Trends in the market: In countries like Singapore and Malaysia, there is a noticeable trend towards short weekend cruises that cater to busy urban dwellers looking for quick getaways. These short cruises often feature themed entertainment, gourmet dining experiences, and onboard activities tailored to the preferences of the local clientele. Additionally, luxury cruises are gaining popularity among affluent travelers in countries like India, who seek high-end amenities and personalized services while exploring exotic destinations.
Local special circumstances: Countries in Southern Asia are strategically located near some of the world's most picturesque cruise destinations, such as the Maldives, Thailand, and Indonesia. This geographic advantage allows cruise operators to offer diverse itineraries that showcase the natural beauty and cultural richness of the region. Moreover, the region's warm climate and vibrant coastal cities create an ideal setting for cruise tourism to thrive throughout the year.
Underlying macroeconomic factors: The economic growth and rising disposable incomes in Southern Asia are enabling more people to afford cruise vacations, fueling the expansion of the market. Additionally, governments in the region are investing in developing cruise infrastructure, such as modernizing ports and promoting cruise tourism, to attract international cruise lines and boost local economies. These supportive policies and investments are contributing to the overall growth and development of the Cruises market in Southern Asia.
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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