Cruise Industry Analysis

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In the travel market, the cruise industry is one of the fastest growing industries. The underlying industry is growing rapidly due to the innovation in its products. After the year 1980, the cruise industry has faced the passenger growth rate at 7.8 percent annually. There are different products of the cruise industry. The underlying industry helps to fulfill the vacation desires of the guests. In vacations, several individuals visit in different places so the underlying industry help these guests for visiting. Cruise market helps to provide millions of jobs to different individuals. The underlying industry provides the best business opportunity to the individuals and provides them a suitable job and helps to reduce the unemployment. The cruise …show more content…

Different cruise companies spend a lot of money on the modification of the products in order to enhance the number of customers. The underlying industry plays an important role in reducing the unemployment because it provides millions of jobs to the individuals. So that the underlying industry also helps in enhancing the economy of the country. In each and every year, the cruise industry has ordered different ships in order to serve the large number of passengers. The new ships have more value and are expensive more than the 20 billion dollars. New and innovative ships help to increase the number of customers of the underlying industry and help to enhance the profitability of the underlying industry (Giachetti et.al, 2013 p.500). The cruise industry is also one of the best examples of globalization. The new cruise ships help the passengers in providing the best services. The cruise company has increased its ships rapidly in order to serve large number of passengers. Research indicates that from the last 20 years, the annual growth of the cruise industry reaches to 8.5 percent and the cruise industry has total 90 million passengers which have increased in every year due to the innovation and creative designs of the cruise ships. The cruise industry provides the enjoyable experience to the passengers. After the year 2005, the cruise company replaces the old ships from the new one having the new design and structure of the ships. The main purpose for the exchange of new ships is to enhance the number of passengers (Terry 2014

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