Key regions: Indonesia, Singapore, United States, India, Vietnam
Cruises have been gaining popularity in Taiwan, attracting a growing number of travelers looking for unique and convenient vacation experiences.
Customer preferences: Travelers in Taiwan are increasingly seeking diverse and enriching travel experiences, opting for cruises that offer a mix of relaxation, exploration, and entertainment. The convenience of visiting multiple destinations in one trip, coupled with the all-inclusive nature of cruise packages, appeals to Taiwanese consumers looking for hassle-free holidays.
Trends in the market: One notable trend in the Taiwanese cruise market is the rise of themed and specialty cruises catering to different interests and age groups. From wellness and culinary cruises to family-friendly and adventure-themed voyages, cruise operators are diversifying their offerings to meet the evolving preferences of Taiwanese travelers. Additionally, there is a growing interest in luxury cruises among affluent consumers in Taiwan, driving demand for high-end cruise experiences with exclusive amenities and services.
Local special circumstances: Taiwan's strategic location in East Asia makes it a convenient hub for cruise itineraries exploring the region, including popular destinations such as Japan, South Korea, and Southeast Asia. The island's vibrant culture, rich history, and stunning natural landscapes also make it an attractive embarkation point for cruises showcasing the beauty and diversity of Asia.
Underlying macroeconomic factors: The steady economic growth in Taiwan has led to an increase in disposable income levels, allowing more consumers to afford leisure travel experiences such as cruises. Furthermore, the government's efforts to promote tourism and develop the cruise industry have contributed to the expansion of the market, with investments in port infrastructure and promotional campaigns attracting both domestic and international cruise operators to Taiwan's shores.
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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