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Market Research (Cruise Market Overview)

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Market Research (Cruise Market Overview)

  1. 1. MARKET RESEARCH(CRUISE MARKET OVERVIEW) Aurimas Šumbrauskis 2013 Portugal
  2. 2. Overview  In 2009, the global recession caused an unprecedented drop in travel and tourism value sales globally, leaving no region unscathed.  Asa highly discretionary item, travel is usually the first to be cut off to conserve cash.
  3. 3. Reaction Cruises responded by discounting: higher passenger volumes but lower margins
  4. 4. Value-for-money RESULT: the fact that pricing declined significantly and cash-strapped passengers did not spend much onboard impacted total sales. As a result, cruises quickly switched the focus of marketing strategies from discounts to tempting value-for-money offers.
  5. 5. Crysis
  6. 6. What about Asia?  Asia Pacific: positive 3.6% real GDP growth rate in 2009  Dynamic emerging economies such as China, India, and Indonesia. A key growth market for the global cruise industry: population over 3.5 billion people increased desire to travel
  7. 7. Growth
  8. 8. Winners and Losers
  9. 9. Europe market  Overall,Europeans are realising the value proposition, quality and variety of choices cruises can offer when making travel plans.
  10. 10. Europe market  It is also worth noting that cruise demand in Europe has not yet reached its full potential given its total population surpasses that of the USA and holidays are longer.
  11. 11. Europe market  Additionally, the region offers unique and easily accessible cruise destinations. Indeed, industry experts believe the total number of passengers carried in Europe is expected to jump from 4.9 million to 10 million by 2020.
  12. 12. Growing markets  Despiteemerging from a much lower base, Asia Pacific and Latin America are expected to achieve strong long- term growth in cruise demand.
  13. 13. Mediterranean  Although it seems positive at first, the non-stop growth in cruise capacity is pressuring overall pricing in the Caribbean and forcing cruises to deploy capacity to other regions such as the Mediterranean in search of higher operational margins.
  14. 14. Bahamas Growth - 45%:  increased popularity of shorter and cheaper cruises among cash-strapped travellers  consequent shift in capacity to that specific destination.
  15. 15. Highly Consolidated Industry  Passengers  Profit
  16. 16. Additional revenue
  17. 17. Discounts  Discounts → volume  But the lack of ancillary revenues, such as sales of alcohol onboard and excursions at land destinations, signalled a more cost-conscious cruise traveller.
  18. 18. Revenue structure
  19. 19. Global market share
  20. 20. Carnival – the leader  11 brands: Carnival Cruise Lines, Princess Cruises, Holland America Line, Costa Cruises, P&O Cruises, Cunard Line, Seabourn Cruise Line, Ocean Village, AIDA, P&O Cruises Australia and Iberocruceros
  21. 21. Segmentation
  22. 22. Best Value for Money  Additionally, the all-inclusive, multi-destination package offered by cruises is more attractive during periods of economic slowdown, when hotels are forced to aggressively discount to boost demand.
  23. 23. Cruises at a Glance
  24. 24. Breaking the Stereotype  Stereotype: elderly, rich and famous clients.  Main demographic group: 50-60 year-old passengers FUTURE: Younger generation that is interested in more dynamic activities such as adventure and eco-tourism, water sports and mountain hiking. HOW:  new ship designs  cruise themes tailored to young people  increasingly adopted social networking tools
  25. 25. Going to YOUTH
  26. 26. Additional revenues  Alcohol  Casino  Land excursions  Spa treatments  Entertainment  Nightclubs  Restaurants
  27. 27. River cruises
  28. 28. River cruises  Much smaller ships  ~150 passengers  Cultural needs
  29. 29. Peter Deilmann Cruises  Offersprogrammes on the Rhine, Rhône, Saône, Moselle, Danube, Vltava, Elbe, and Oder rivers.  Themed cruises: hiking, biking, golf, music and gardening.
  30. 30. MICE Cruises – A New NicheEvolving  greater dynamism and interaction  open spaces  close interaction with natural settings  off-board activities  visits to a wide variety of destinations during a single MICE event.
  31. 31. Main Advantages of MICECruises  Mobile five-star hotel  Large savings on land transport  All-inclusive meals and beverages  Free help and guidance from cruise members  Easier to maintain a schedule since all participants are onboard  State-of-the-art facilities with fully- equipped conference rooms/theatres
  32. 32. Niche Cruises  Themed Cruises  Special Interest Cruises  Charter Cruises
  33. 33. Themed Cruises  diversifytheir consumer base  larger consumer base  encourage repeat sales
  34. 34. Themed Cruises TOP3?  Wine  Culinary  Health and wellness.
  35. 35. Special Interest Cruises  specifictype of activity  that appeals to a select group of people  K9 college cruises  chocolate cruises  motorcycle cruises  running cruises  equestrian cruises.
  36. 36. Charter Cruises  Oncharter cruises the entire ship is organised around an interest-du-jour.
  37. 37. Waste Still a Concern for CruiseIndustry
  38. 38. Green Cruises and Ports
  39. 39. Cruises are Big Sellers TravelAgents
  40. 40. Cruise sellers  Cruises and tour packages have the highest revenue per transaction.  Nearly 90% of cruises continue to be sold by travel agents in the USA.  Cruises are difficult to sell for themselves, given the number of destinations and amenities involved, but also and, most importantly, because cruisers always look for expert advice
  41. 41. Traditional Distribution ChannelsPoint to Social Media
  42. 42. Oasis of the Seas
  43. 43. Oasis of the Seas Sets a New Highfor Social Media  Most searched term on google.com on the day the Oasis of the Seas sailed into Fort Lauderdale‟s Port of Everglades for the first time  More than 200,000 people tuned in over any 24- hour period to watch video of the Oasis captain when the ship was crossing the Atlantic from Finland  As of June 2010, more than 14 million visitors have made their way to OasisoftheSeas.com
  44. 44. Trends?
  45. 45. Cruise sales in Lithuania Cruise Tourists in biggest Lithuanian travel Agency 250 211 200 150 129 100 76 74 69 50 0 2008 2009 2010 2011 2012
  46. 46. Issues in the future  Large investments  Larger number of tourists  New routes  Unique onboard experiences  Eliminate check-in lines, delays in arrivals and/or departures  Enhance cruise traffic  Revision in bureaucracy which prevents cruises from fully developing their potential in foreign territories, mainly with regards to the hiring of temporary crews.
  47. 47. New ships
  48. 48. All Eyes on Asia Pacific
  49. 49. Winners and Losers 2009-2014
  50. 50. Factors Impacting Future CruiseSales
  51. 51. Factors Impacting Future CruiseSales
  52. 52. SWOT
  53. 53. AČIŪ!Thank YOU!

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