The Cruises market in Cambodia has been steadily growing in recent years, attracting both domestic and international tourists to explore the country's beautiful coastal areas and rivers.
Customer preferences: Travelers in Cambodia are increasingly seeking unique and experiential travel opportunities, driving the demand for cruise experiences that offer a blend of luxury, adventure, and cultural immersion. With a rising middle class and increasing disposable income, more Cambodians are opting for cruise vacations as a way to relax and explore new destinations.
Trends in the market: One notable trend in the Cambodian Cruises market is the rise of themed cruises catering to specific interests such as wildlife watching, culinary experiences, or wellness retreats. This trend reflects the growing sophistication of Cambodian travelers and their desire for tailored and immersive travel experiences. Additionally, there has been an increase in the number of luxury cruise operators entering the Cambodian market, offering high-end amenities and personalized services to attract discerning travelers.
Local special circumstances: Cambodia's unique geography, characterized by its stunning coastline along the Gulf of Thailand and picturesque rivers like the Mekong, provides a perfect backdrop for cruise tourism to thrive. The country's rich cultural heritage, including ancient temples, traditional villages, and vibrant markets, further enhances the appeal of cruise vacations in Cambodia. Moreover, the government's efforts to promote tourism and improve infrastructure have helped boost the development of the Cruises market in the country.
Underlying macroeconomic factors: The steady economic growth in Cambodia, coupled with increasing investment in the tourism sector, has created a favorable environment for the development of the Cruises market. The government's focus on promoting sustainable tourism practices and preserving the country's natural beauty has also contributed to the overall growth of the cruise industry in Cambodia. As disposable incomes continue to rise and travel becomes more accessible to a larger segment of the population, the Cruises market in Cambodia is expected to expand further in the coming years.
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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