Over the past few years, the Cruises market in Vietnam has been experiencing significant growth and development, attracting both domestic and international tourists to explore its beautiful coastline and unique cultural heritage.
Customer preferences: Tourists in Vietnam are increasingly seeking unique and experiential travel options, which has led to a rising interest in cruise vacations. The opportunity to visit multiple destinations in a single trip, combined with onboard amenities and entertainment, has become appealing to a growing number of travelers in the country.
Trends in the market: One of the notable trends in the Cruises market in Vietnam is the expansion of cruise routes to lesser-known destinations along the country's coastline. This trend caters to travelers looking for off-the-beaten-path experiences and contributes to the overall diversification of tourism offerings in the region. Additionally, the market has seen an increase in the number of luxury cruise operators entering Vietnam, providing high-end experiences to affluent travelers.
Local special circumstances: Vietnam's unique geography, with its stunning natural landscapes and rich cultural heritage, plays a significant role in shaping the Cruises market in the country. The country's numerous UNESCO World Heritage sites, such as Ha Long Bay and Hoi An, serve as popular cruise destinations, attracting tourists from around the world. Furthermore, the government's efforts to develop infrastructure and promote tourism have created a favorable environment for the growth of the cruise industry in Vietnam.
Underlying macroeconomic factors: The growing middle-class population in Vietnam, coupled with increasing disposable incomes, has contributed to the expansion of the tourism sector, including the Cruises market. As more Vietnamese consumers have the financial means to travel and explore new experiences, the demand for cruise vacations is expected to continue rising. Moreover, government initiatives to promote tourism and improve transportation infrastructure further support the development of the cruise industry in the country.
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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