The global cruise industry is one of the few industries in the travel sector that grow year over year. Cruising has expanded in recent decades from serving only the very rich to providing activities and entertainment options even for the middle-class vacationer. Also, the modern cruise industry has responded to extensive market and consumer research with the presentation of innovative design concepts, new ship lengths, more exotic destinations around the globe, and new on-board and onshore activities and themes, developed to offer a vacation alternative that satisfies the expectations of everyone. Cruise market provides job opportunities to people from all backgrounds. Cruising tends to be more popular among consumers aged 55-64.
The global cruise market is growing at a great pace worldwide and is expected to continue this growth in the leisure industry which is mainly due to increasing popularity of this segment in comparison with other segments of the industry. On the regional basis, North America is leading the industry followed by Europe. Australia is showing tremendous growth in the cruise market after North America. Asian market is also being targeted by major cruising companies on a larger scale due to improvement in infrastructure and growth in market demand.
The major factors that contribute in the growth of the industry include rising employment population, growing global economy and accelerating travel agent initiative. The key trends observed within the industry include rapidly increasing technological innovation, big brand entertainment, expansion of facilities for disabled people and also globalization of destination and itineraries. However, the industry is also witnessing many challenges which include impact of global economic condition, acts of piracy and adverse incidents involving cruise ships.
The report studies the cruise market on a global scale with detailed information regarding the key regional markets which includes North America and Europe. The competition in the global cruise market is intense with few large players viz. Carnival Corporation & Plc (CCL), Royal Caribbean Cruises Ltd. (RCL) and Norwegian Cruise Lines (NCL). In addition, competitive landscape along with the company profiles of the leading players in the market is discussed in detail.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables.
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