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Cruise Industry Crisis Risk Management and Recovery Strategies Utilizing Crowdsourcing Data

In: Computational and Strategic Business Modelling

Author

Listed:
  • Damianos P. Sakas

    (School of Applied Economics and Social Sciences, Agricultural University of Athens)

  • Marina C. Terzi

    (School of Applied Economics and Social Sciences, Agricultural University of Athens)

  • Ioannis Dimitrios G. Kamperos

    (School of Applied Economics and Social Sciences, Agricultural University of Athens)

  • Athanasios Kriemadis

    (School of Economics and Technology, University of Peloponnese)

Abstract

With 30 million passengers in 2019, cruise tourism was considered a growing part of world tourism. However, the pandemic has proved disastrous for the sector. According to the Cruise Lines International Association 2020 report, the cruise industry suffered a financial loss of $50 billion. As the cruise industry transitions from response to recovery, strategic decisions about building resilience and resetting for a sustainable future are critical. As a result, developing a sustainable recovery strategy and an adaptive mechanism to adjust as the “new normal” arises is critical. This study utilized crowdsourced data from a cruise-sector representative sample and suggests that cruise firms can assess the performance of their recovery approach and prepare themselves with effective risk management plans by using data-driven monitoring and analysis to change business operations in favor of brand optimization.

Suggested Citation

  • Damianos P. Sakas & Marina C. Terzi & Ioannis Dimitrios G. Kamperos & Athanasios Kriemadis, 2024. "Cruise Industry Crisis Risk Management and Recovery Strategies Utilizing Crowdsourcing Data," Springer Proceedings in Business and Economics, in: Damianos P. Sakas & Dimitrios K. Nasiopoulos & Yulia Taratuhina (ed.), Computational and Strategic Business Modelling, pages 45-55, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-41371-1_5
    DOI: 10.1007/978-3-031-41371-1_5
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