World Cruise Industry Review

As per the world cruise industry review for cruise operators, 2009 was a challenging year. However, the industry worked well despite the economic slowdown bringing in business, keeping costs low, and finding new market areas. The number of ships and passengers grew despite the customers being affected with the economic downturn.

U.S accounts for roughly three quarters of the global shipping industry. Here, the cruise industry more than held its own during the worst of the downturn. 11% of travel agents polled by CLIA expect this year to be better for the global cruise business, as cruising continues to rank number one on many counts, with the value for money.

World cruise industry review indicates that for 2010 there are confirming signs of increase in demand although it is too early to say if we are returning to total wellness. While consumers are starting to show more assurance, they are still holding up their decision to book.

The cruise sector is a significant part of the European marine industry and has made an important contribution to the European economy: 21.7 million passengers called in the European ports during 2008, with the industry bringing in 311,512 jobs, a 66% increase compared with 2005. The entire value of goods and services generated has increased by an astounding 69% in the last three years to more than €32bn.

Europe has been drawing in cruise ships from the U.S., which, conjointly with European fleets, led to a commendable increase in the number of passengers – 4.7 million – joining their cruises in 2008 from a European port, a 68% growth on 2005. The European cruise industry has added €14.2bn in direct expenditure, with cruise lines expending €5.1bn on services, supplies and equipment.

The projection is that the overall cruise passengers are to rise by 6.4% to 14.3 million in 2010. Nevertheless, passenger growth hinges on locations other than the North America or Canada should be threefold to what CLIA expects in North America, at 14.3% against 7%. International passengers will include one third of the global cruise business, from one quarter last year, and less than one tenth in 2000.

Considering the present scenario, it is clear that Europe’s entire potential has not been attained: it has a population of around 500 million likened with 300 million in the US, and most Europeans have more holiday time than their US holidayers. There are also fantabulous and easily reachable cruise destinations.

According to world cruise industry review Asia and Latin America are the future markets which offer excellent long-term business possibilities and it’s impressive to witness the rising economies and individual wealth being generated there. As investments in infrastructure are brought in, these markets will become important world cruise destinations in the times to come.