Mediterrenean Cruise Market Economics
A quick glance into the main market countries
one of world’s most resilient & steadily growing
Boasting a staggering 23.1-million-strong market of customers, along with a staggering 62% growth over the last decade (2007-2017), the global Cruise industry appears to not only have weathered the storm of the 2008 crisis, but rather braved it and turned the upheaval into an opportune edge.
The industry’s resilience is best remarked in the region of the Mediterranean. In a region inflicted by turmoil due to events like the Arab Spring in Egypt and Libya, the Syrian War as well as the -more discrete in its unfolding- Eurozone debt crisis, the European cruise market marked a €40,95bn of annual economic benefits in 2016, up 27,3% in the past decade. It is a rather safe to assume that with the dwindling impact of those events, the cruise industry is poised to solidify its footing and expand upon them by increasing market size as well as market share of the tourism market.
Judging the industry by its several growth indexes, it will, if it is not already, the focal point of touristic development.
- Over 7.000.000 passengers embark on cruises from mediterranean ports
- Over the last decade 52 mediterrenean ports have acquired home-port status
- Ports that are fully autonomous or co-managed by cruise companies present highly positive and inter-regional economic benefits
- In Europe, cruise investments have increased by 19% in the last decade, and economic benefits (direct, indirect & induced) have increased by over 27%
- Cruise venture profits are triple (by passenger) in Europe when compared to the more populous market of the Caribbean
- Passenger movement is highly seasonal, peaking during the summer months
- More than 130 new buildings have entered the market over the last two decades and beds have almost quadrupled.
- 37 more ships will be fully operational by 2020
- The Caribbean, although still dominant, has lost 13% of the market share while the Mediterranean has grown 6%
On a median value, each passenger spends:
$310,76 in the home-port
$91,96 in the ports-of-call
Which break down to:
- 32,67% for local goods
- 24,22% for transit to touristic destinations near the ports of call
- 22,85% in travel expenses in home-ports
- 11,94% on nutrition
- 8,31% on stay-related expenses
- Europe Economic Contribution Report,Cruise Lines
- Cruise venture profits are triple (by passenger) in International Assosiation, 2015
- The Development Perspective of the Cruise Home-porting in Greece, Pallis, Vaggelas & al, 2017
- Cruise Activities in Medcruise Ports: Statistics 2015,Pallis,Arapi, Papachristou, 2016
- Contribution of Cruise Tourism to the Economies ofEurope , GP Wild & BREA, 2012
- Structural analysis of cruise passenger traffic in the world and in the Republic of Croatia, Sciozzi, T.P.Jugović, A. Jugović
- Economic Impact of Cruise Activity: The Port of Barcelona, Vayá, García, Murillo, Romaní, Suriñach, 2016
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