Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in Thailand has been experiencing a steady growth in recent years, attracting both domestic and international tourists looking for unique travel experiences on the water.
Customer preferences: Travelers in Thailand are increasingly seeking experiential and personalized travel options, which has contributed to the rise in popularity of cruises. Customers are drawn to the convenience of exploring multiple destinations in one trip, along with the luxury amenities and entertainment options available on cruise ships.
Trends in the market: One notable trend in the Cruises market in Thailand is the increasing demand for themed and niche cruises catering to specific interests such as wellness, culinary experiences, or adventure activities. This trend reflects a global shift towards more specialized and immersive travel experiences, appealing to a diverse range of travelers in the region.
Local special circumstances: Thailand's unique geography, with its stunning coastline, picturesque islands, and vibrant marine life, provides a picturesque backdrop for cruise itineraries. The country's rich cultural heritage and warm hospitality also add to the appeal for cruise passengers looking to explore the local culture and cuisine during their voyage.
Underlying macroeconomic factors: The growth of the middle class in Thailand, coupled with rising disposable incomes, has increased the affordability of cruise travel for a larger segment of the population. Additionally, government initiatives to promote tourism and improve infrastructure have further boosted the Cruises market in Thailand, making it a competitive player in the global cruise industry.
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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