Cruise Industry Crisis Risk Management and Recovery Strategies Utilizing Crowdsourcing Data

Damianos P. Sakas, Marina C. Terzi, Ioannis Dimitrios G. Kamperos () and Athanasios Kriemadis
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Damianos P. Sakas: School of Applied Economics and Social Sciences, Agricultural University of Athens
Marina C. Terzi: School of Applied Economics and Social Sciences, Agricultural University of Athens
Ioannis Dimitrios G. Kamperos: School of Applied Economics and Social Sciences, Agricultural University of Athens
Athanasios Kriemadis: School of Economics and Technology, University of Peloponnese

A chapter in Computational and Strategic Business Modelling, 2024, pp 45-55 from Springer

Abstract: Abstract With 30 million passengers in 2019, cruise tourism was considered a growing part of world tourism. However, the pandemic has proved disastrous for the sector. According to the Cruise Lines International Association 2020 report, the cruise industry suffered a financial loss of $50 billion. As the cruise industry transitions from response to recovery, strategic decisions about building resilience and resetting for a sustainable future are critical. As a result, developing a sustainable recovery strategy and an adaptive mechanism to adjust as the “new normal” arises is critical. This study utilized crowdsourced data from a cruise-sector representative sample and suggests that cruise firms can assess the performance of their recovery approach and prepare themselves with effective risk management plans by using data-driven monitoring and analysis to change business operations in favor of brand optimization.

Keywords: Crisis; COVID; Supply chain; Risk; Cruises; Tourism; FCM; Big data (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-41371-1_5

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DOI: 10.1007/978-3-031-41371-1_5

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