Impact of COVID-19 on the global cruise industry: Hot Topic Brief - Issue 3
COVID-19, commonly referred to as the Coronavirus, is dominating headlines the world over. The travel & tourism sector is suffering significant disruption and the cruise industry is being greatly impacted.
Key Highlights
- Cruise companies face a big challenge to attract customers. According to a survey by SAGA, almost two-thirds of over-50s have voiced reluctance to take a cruise due to the coronavirus pandemic. The research found that 62% of respondents were less likely to travel on a cruise, with 43% more likely to book a holiday within the UK. Almost half of participants (44%) were delaying booking future travel due to Covid-19, with a quarter considering (27%) or already cancelling travel plans (25%). This news shows that the industry has a big job to attract customers back onto cruise ships.
- If the cruise industry falls, it has wider repercussions on the economy. According to CLIA, an extended suspension to the UK cruise industry will provide a significant blow to the economy. for a 90-day suspension, the anticipated impact for the UK is a direct economic loss of GBP888 million, 5,525 jobs, and GBP287million in wages; and a total economic loss of GBP2.37 billion, 13,788 jobs, and GBP746 million in wages[7]. These figures highlight the importance of the cruise industry to the UK economy.
Scope
- This report provides insight into the current state of play, offers a look at potential future scenarios and assesses the actions that cruise lines can take to mitigate the impact of COVID-19.
Reasons to Buy
- Gain an overview of the current global COVID-19 situation
- Understand the impact that COVID-19 is having on the industry
- Explore future industry scenarios
- Assess possible mitigating actions
- Compare key industry players actions
Analysts Overview
Current COVID-19 Situation
Industry Impact
Future Scenarios
Actions to mitigate the impact of COVID-19
References
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