CRUISE TOURISM MARKET Challenges and Opportunities

One of the major challenges for the market is the relatively high travel costs associated with cruise vacations. While cruises provide an all-inclusive vacation experience with accommodation and onboard activities included in the package price, the overall costs of cruise trips tend to be higher compared to traditional land-based vacations. Similarly, a luxury ocean cruise spanning multiple destinations in the Caribbean can be priced anywhere between US$ 3,000 and US $5,000 per person for a week.

Market Opportunity - Emerging economies in Asia Pacific and Middle East

The economies of many countries in Asia Pacific and Middle East regions have grown rapidly in recent decades. With a burgeoning middle class and increasing disposable incomes, these regions present a massive potential for the cruise tourism industry. Countries like China, India, Indonesia, and Vietnam have seen huge economic expansion with growing expat populations and interest in travel. According to the United Nations World Tourism Organization, international tourist arrivals to the Asia Pacific region grew by over 5% year-on-year between 2019 and 2021.