The growth of the luxury cruise tourism market is anticipated to be fuelled by the robust economic recovery and a rising number of high-net-worth individuals in both developed and emerging nations. More people are choosing to spend money and live in luxury than to travel for pleasure. Increasing domestic trade and consumption, as well as the number of women working. The expansion of the luxury cruise tourism market is anticipated to be fuelled by these factors. The expansion of the luxury cruise tourism market during the projection period is being impacted by the rising number of mid-scale and low-cost hotels.
Luxury cruising is an opulent kind of travel that incorporates an extended vacation on a cruise ship. The ultimate in upscale travel are cruises. Packages for luxury cruises are quite pricey and largely intended for wealthy people and members of the elite class. With flexible itineraries, a personal butler, larger accommodations, and more exotic locations, luxury cruises provide high-quality goods and services. The itinerary could last anywhere from six months to twelve months. As a honeymoon getaway for newlyweds, business titans, and others, luxury cruises are incredibly popular. It is also projected that the trend of small-ship cruises and the use of small luxury yachts for luxury tourism would rapidly develop and significantly enhance the demand for luxury cruises.
The supply chain system was anticipated to speed up in the cruise sector as the supply of tourists or passengers would outpace the demand in the upcoming years. Due to the ongoing Covid-19 pandemic outbreak, the cruise industry has been severely impacted due to two key factors: low media coverage and limited government involvement (as the government is currently working to emphasize the focus on people's safety precautions due to the ongoing virus outbreak). Additionally, the global cruise market, which is part of the travel and tourism industry, has seen a severe decline in global sales with less supply and demand as compared to the travel and tourism industry as a whole.
The Star Cruises in Hong Kong agreed to provide temporary housing for foreign employees during the pandemic's rise and transitioned to a digital cruise experience, allowing clients to relax at home while still taking advantage of the cruise's amenities. But a cruise in real life is much different. People are beginning to rebook, and the supply chain, which bodes well for the coming year (dispatch of vessels and containers have already started). It is anticipated that future growth would be slower, but it will increase customer confidence.
Global Luxury Cruise Tourism Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; American Cruise Lines, Azamara, Crystal Cruises, Norwegian Cruise Line Holdings Ltd., Oceania Cruises S. de R.L., Regent Seven Seas Cruises, Royal Caribbean International, Seabourn, Silversea Cruises, Viking Ocean Cruises.
Global Luxury Cruise Tourism Market Segmentation:
By Cruise Lines: Based on the Cruise Lines, Global Luxury Cruise Tourism Market is segmented as; Adventure and Exploration Cruise Lines, Contemporary/Upscale Cruise Lines, Mainstream Cruise Lines, Premium Cruise Lines, Theme Cruise Lines, Traditional Cruise Lines, Others.
By Cruising Type: Based on the Cruising Type, Global Luxury Cruise Tourism Market is segmented as; Luxury Yachts, Ocean Cruises, River Cruises, Small-ship Cruises, Others.
By Services: Based on the Services, Global Luxury Cruise Tourism Market is segmented as; 4D Movie Theatres, Adventurous Sports, Bars & Pubs, Cruise Fares, In-suite Spa Treatment Centres, Planetarium, Restaurants, Snow Rooms, Water Sports, Others.
By Booking Mode: Based on the Booking Mode, Global Luxury Cruise Tourism Market is segmented as; Offline, online.
By Region: Europe currently holds the greatest market share for luxury cruise travel and is anticipated to have rapid growth over the course of the forecast period. Individuals are spending more money on vacation in order to unwind, and the expansion of high-speed internet enables this growth in travel connectivity. The second-largest luxury cruise tourism market was dominated by North America. These aspects are anticipated to fuel the growth of the destination during the forecast period as tourists use luxurious cruise ships to travel to well-liked spots.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.