By USD 4.24 bn, cruise tourism market is hoped to grow

Wednesday, May 18, 2022

From 2021 to 2026, the size of the cruise tourism market is hoped to rise by USD 4.24 bn, as per Technavio.

Nevertheless, during the forecast period, the growth momentum of the market is anticipated to slow down at a CAGR of 11.97%. The growth of cruise tourism market is influenced by the strong global economic revival and increasing HNWIs. However, factors like increasing environmental concerns may defy the growth market.

The strong global financial upturn and in developed and developing economies, a constant rise in the number of high-net-worth individuals, are actually driving the growth rate of global cruise tourism market. The growth is ascribed to a rise in domestic spending and a slight increase in investments with 2008 global economic recession. Furthermore, rise in the number of women in the sector has additionally contributed to the high income levels of individuals along their families. All these reasons are anticipated to aid the growth of the market in forthcoming days.

Growing consumer adoption of repositioning cruising, owing to tourers’ preference in discovering different locations by making the use of the best cruise packages, is a recent style that is hoped to influence the sector positively. The availability of cost-effective one-way flights worked behind the growth, the addition of stunning itineraries, and cost advantages associated with repositioning cruising compared with regular.

The rising environmental concerns are creating problems for the growth of the world cruise tourism market.

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