Status: 14.10.2022 2:12 p.m
With Corona, the cruise business collapsed completely. In the summer, the industry made even more money with ship trips than before the crisis. But the high inflation could soon put a strain on tourism again.
For the first time in the summer, the cruise industry did better business than before the Corona crisis. The real, i.e. inflation-adjusted, revenues of providers rose by almost two thirds from June to July, according to the Federal Statistical Office. Compared to July 2021, sales have more than tripled, climbing 218 percent. This was the largest increase compared to the same month in the previous year since the start of the 2015 time series.
“Thus, sales in the cruise industry in July 2022 exceeded the pre-crisis level for the first time, they were 18.3 percent higher than in July 2019,” said Destatis. The German Travel Association (DRV) also recently stated that the cruise business was picking up again noticeably as the corona restrictions eased. In August, hotels, guesthouses and other accommodation establishments in Germany also exceeded the level before the Corona crisis for the first time since the outbreak of the pandemic.
Forecasts difficult at the moment
Overall, the travel industry is on a recovery course, but not yet over the mountain, according to the DRV. Because of the energy crisis, the association is not yet making any forecasts for the coming year. One must wait and see how the propensity to consume develops against the background of high inflation, said President Norbert Fiebig. The simple question with a view to the holiday budget is: “Will people still have money in their wallets?”
According to the DRV, business in the upcoming travel winter will probably be significantly better than last time. Sales are already 74 percent higher than last winter, when corona restrictions put a damper on them.
Inflation, high energy prices and the associated threat of recession are currently unsettling consumers. High inflation is causing purchasing power and real wages to dwindle. Experts anticipate that the propensity to consume will therefore decline significantly. This could also affect the tourism industry.