THE SIGNIFICANCE OF EUROPE IN THE WORLD CRUISE INDUSTRY

Doris Perucic

Economic Thought and Practice, 2005, vol. 14, issue 1, 73-90

Abstract: The cruise industry is the tourism sector that has experienced the most rapid growth of all. The industry’s growth can be attributed to its offering the best value for money. The impacts of the tragedy on September 11th, 2001 were felt immediately, but the cruise industry recovered very fast and continued its growth. Domination of the cruise industry is held by North Americans due to the strong emphasis of product on the American market. The European market is still in its entry phase, and is still less developed as compared to the North American market. It has enormous potential for development as a cruise destination and a source market. Europe as a region allows consumers to experience a broad range of destinations during a single voyage in a relatively short period of time. Today, about three million Europeans sail on ocean cruises, and it is expected that the European market will be 10 million passengers by 2020. Remarkable growth in the Mediterranean occurred due to the revival of demand for European cruises in North America, and the growing demand of European cruise markets. The biggest number of operators comes from the United States. However, European–based lines are growing strong in Europe, which target the European market or only one European market. The preferred destination for Europeans is the Mediterranean. The European market has the highest potential rates for growth and it is headed by the United Kingdom.

Keywords: Europe; cruise industry; destination; source market (search for similar items in EconPapers)
JEL-codes: L83 (search for similar items in EconPapers)
Date: 2005
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