The Cruises market in Nepal has been experiencing a gradual but steady growth in recent years, reflecting the increasing interest of tourists in exploring the country through river and luxury cruises.
Customer preferences: Tourists visiting Nepal are increasingly seeking unique and immersive travel experiences, leading to a growing demand for cruises along its picturesque rivers. The opportunity to witness the country's stunning landscapes, cultural heritage, and wildlife from a different perspective has been a major draw for cruise enthusiasts.
Trends in the market: One notable trend in the Nepalese Cruises market is the rise of boutique and eco-friendly cruise operators offering customized itineraries that cater to the preferences of discerning travelers. These operators focus on providing intimate experiences, sustainable practices, and authentic interactions with local communities, setting them apart in a competitive market.
Local special circumstances: Nepal's unique geography, characterized by a network of rivers flowing through diverse terrains, presents ample opportunities for cruise operators to design varied and captivating routes for travelers. The presence of iconic landmarks such as ancient temples, lush forests, and panoramic mountain views along these river routes adds to the allure of cruising in Nepal.
Underlying macroeconomic factors: The growth of the Cruises market in Nepal can also be attributed to the overall rise in tourism in the country, driven by improved infrastructure, government initiatives to promote the tourism sector, and increasing international interest in Nepal as a travel destination. As disposable incomes rise globally, more travelers are seeking off-the-beaten-path experiences like cruising in Nepal, contributing to the market's development.
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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