Covid-19 Impact on tourism economy Cruise Industry to Lose Almost $20bn Due to Covid-19 Pandemic by GTP editing team 30 November 2020 written by GTP editing team 30 November 2020 0 comments Share 0FacebookTwitterLinkedinWhatsappEmail 31 Cruise line revenues practically disappeared since the Covid-19 pandemic hit in March, with all of the largest operators reporting double-digit sales drops. According to data presented by Stock Apps, the entire cruise industry is expected to lose $19.6 billion in revenue amid the coronavirus pandemic in 2020, a 71 percent plunge year-over-year. It is reminded that – according to Statista data – the entire cruise industry generated $23.7 billion in revenue in 2017. Over the following 12 months, that figure jumped to $25.8 billion and continued rising. Statistics show the global cruise market’s revenues hit $27.4 billion in 2019, a 15 percent jump in three years. However, Covid-19 triggered the worst market contraction in history, with cruise line revenues plummeting by almost $20 billion in a year. Post-Covid-19 recovery to last for years Stock Apps notes that the data indicates that it will take years for the cruise industry to recover from the effects of the pandemic. In 2021, revenues are projected to grow by 116 percent YoY to $16.8 billion, almost $7 billion below 2017 levels. The year 2023 is forecast to witness $27.4 billion in sales revenues, still $100 million less than in 2019. By the end of 2025, cruise line revenues are expected to rise to $33.7 billion. Markets The United States, as the world’s largest cruise industry, is expected to lose almost $10 billion in revenue due to coronavirus outbreak, with revenues falling by 71.3% YoY to $3.8 billion in 2020. Revenues of the German cruise line market, the second-largest globally, are expected to plunge to $797 million, compared to $2.8 billion last year. The United Kingdom cruise companies are forecast to generate $668 million in revenue in 2020, a 72.6 percent drop in a year. Chinese and Canadian market expected to generate $537 million and $284 million in revenue, respectively. Besides substantial financial losses, the coronavirus pandemic also caused considerable drops in the number of cruise line users. Three years ago, the number of people choosing cruise lines for their vacations amounted to almost 26.1 million worldwide. By the end of 2019, this figure rose to over 29 million. Statista estimates the number of users in the cruises segment to plunge by 72 percent YoY to 8 million in 2020 and to remain under 2019 levels in the next four years. Join the 15,000+ travel executives who read our newsletter Follow GTP Headlines on Google News to keep up to date with all the latest on tourism and travel in Greece. Share 0 FacebookTwitterLinkedinWhatsappEmail GTP editing team This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner. previous post Affordable Digital Check-in and Check-out with SuitePad and hotelbird next post Pissarides Recovery Plan for Greece Proposes Uniform Taxation You may also like Greece’s Hotel Market Sees Major Investments Over Four Months 5 February 2025 Greek Tourism Ministry Monitors Santorini Situation as Seismic Activity Continues 5 February 2025 Global Air Passenger Demand Reaches Record High in 2024, IATA Reports 5 February 2025 Greek PM Reassures Public About Santorini’s Ongoing Seismic Activity 5 February 2025 Milos: Ministry Suspends 5-star Hotel Construction Near Sarakiniko Beach 5 February 2025 ELIME and HELMEPA Join Forces for Safer, More Sustainable Greek Ports 5 February 2025 Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment. Δ