There is little debate that the global pandemic has hit the marine industry, but cruise lines are beaming with opportunities because passengers cannot wait to go on cruise rides once again. Despite the ongoing pandemic, cruise bookings are growing and trending positively across the world. So, are you pondering the possibility of investing in a cruise ship right now? To know the current market trends, you must consult with the leading cruise ship brokers and know all the pros and cons associated with investing in a cruise.
The issue of over-tourism –
In the world of travel and hospitality, overtourism is not a new concept which means overcrowding and congestion of the local destinations caused by the flocking of tourists. However, the cruise industry has stolen the recent limelight for dumping hundreds of passengers in small cities such as Dubrovnik, Kotor, Venice, and Amsterdam each day.
From a business point of view, the cruise industry is experiencing a boom and expecting the total capacity to touch 40.5 million passengers in 2027 (cruiseindustrynews.com). However, when viewed from the lenses of sustainability, cruises or large fleets are posing threat to small tourist cities. So, you should analyse both challenges and potentialities before making an investment decision.
Changes in customer expectations –
Considered to be a home away from home, cruises are equipped with the latest technologies to meet the changing and growing expectations of the passengers. Cruises have always been about larger than life experiences, but with digital trends proliferating the industry, customer expectations have been growing by leaps and bounds.
Right from remote check-in and intelligent navigation to geo-location facilities and high-tech activities, these floating fleets can give stiff competition to the world’s best smart cities. For all these reasons, you must know investing in cruise ships is not a cakewalk. Are you sure you have the means to afford such a high-end vessel? Talk to the cruise ship brokers and decide how feasible it would be for you to invest in a cruise right now.
Emphasising sustainability –
To ensure sustainability and combat overtourism, cruise lines are increasingly partnering with local communities to control the number of passengers in small built cities. Further, with global warming and climate change becoming major concerns today, the cruise lines are also taking commendable steps to reduce the holiday carbon footprints and practice responsible tourism.
For instance, Oceania Cruises has collaborated with Vero Waters to retrofit its water distillation system in six of its cruises. AmaWaterways takes sustainable approaches like utilising bio-degradable cleaning products, installing a non-disruptive water-jet propeller, using solar-heated water, and so on to create positive environmental impacts. Do you now realise the larger responsibilities of owning and running a cruise? Think and then take steps.
Growing millennial market –
Interestingly, the cruise tourism market is steadily growing for millennial travellers who are changing the dynamics of this industry. Previously, cruising would target high-spending tourists, but as millennial spending power increases, the industry is now being more accessible to travellers on small budgets. Apart from offering technologically driven services, cruise lines are also redesigning its itineraries to appeal to these tourists.
To leverage the spending of millennial and Gen Z populations, cruise lines now focus on creating new destination experiences in Indonesia, Cambodia, Zambia, Peru, and so on. Have you decided how you would want to tap into the millennial cruising market? Consult with the brokers and to get deeper insights into the current trends.
Conclusion –
To know the latest trends in the industry is important to estimate your ROI and profitability. Since buying a cruise is a high-value decision, nothing should be decided mindlessly. Are you seeking expert guidance? Contact Norwegian Ship Sales and consult with its team of experienced cruise ship brokers for the right guidance. Schedule your appointment today!
