The tourism industry is one of the hardest hit industries by the current recession. As “optional” services, tourists who find themselves financially strapped this time are holding on to what they have for more important products and services. On the other hand, those that have considerable savings are still hesitant to spend since they need to be assured that they have something tucked away in case something bad happens.
But in the case of cruise industry, the current economic recession is just the tip of the iceberg when it comes to the problems that they need to address. The spiking fuel prices are taking its toll in this specific tourism industry. Although the price of fuel went down, forecast in fuel prices in 2009 are not favorable for consumers as well as the tourism industry.
The exchange rate even has a part in adding problems to the cruise industry. As they are also transacting in other currencies, the continuous downfall against the US dollars are significantly affecting the industry. Even a small percentage swing against the US dollars could mean millions in losses. The worst part of this is that normally, the cruise industry will go back on its feet as soon as it’s down much like 9/11. But in this case, a swift resolution can’t be seen.
But the Cruise lines are fighting back. This year, the cruise lines will be concentrating on their short cruise offers instead of offering inter-continental travel. The Caribbean destinations will still be kept as it is while the European and Asian travel will be cut short, if not discarded for 2009 or at least until current recession subsides.