Report details Costa Group’s economic impact in Europe

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A study conducted by Deloitte & Touche, the University of Genoa and the University of Hamburg, and presented at the Genoa Boat Show, reveals that Costa Cruises contributes over €12.6bn (US$13.85bn) to Europe’s economy, generating more than 63,000 full-time-equivalent jobs.

The study considered the three main types of economic impact: the direct impact (38%), that is the expenses incurred directly by the company, its guests and its crew; the indirect impact (36%), corresponding to the expenses incurred by the more than 10,000 suppliers and partners of the Costa Cruises Group to satisfy the direct demand; and the impact on downstream activities, such as the economic benefits derived from employees of the Costa Group and its suppliers and partners spending their salaries.

The group’s shipbuilding is the most significant activity in terms of economic impact in Europe, generating around €4.5bn (US$4.95bn) and more than 20,000 jobs, attributed to the company’s fleet expansion plan, with seven new ships planned by 2023, two of which are already in service.

Guest spending at ports of call also contribute economic benefit, averaging €74.60 (US$82.01) per passenger in every European port visited by the company’s ships. Cruising also helps promote local tourism, with 60% of guests saying they want to return to the destinations they visited on the cruise.

“Cruises bring value and wealth to the cities and countries where they operate that go well beyond the common perception,” said Neil Palomba, president of Costa Cruises. “Every euro spent by our group, by our guests or by our crew has a multiplying effect, creating a virtuous circle that can positively transform the local economy, guaranteeing continuity and strengthening economic stability. The aim of our study is precisely to quantify this value, focussing on Europe and Italy, where we are a leader and have an established historical presence, so that more informed development programmes can be built with the communities of our ports of call.”

Italy and Germany are the two European countries where the Costa Group (which includes the Costa Cruises and AIDA cruises brands) generates the greatest economic value. Italy, which has been company’s home for more than 70 years, benefits from an economic impact of €3.5bn (US$3.85bn), while creating around 17,000 jobs. The main benefits for the local economy are derived from the company’s head office in Genoa. Costa employs more than 3,200 Italians, including crew on its fleet. The company also works with more than 4,700 Italian suppliers and partners, including Fincantieri and major Italian brands in the fields of design and food and beverage.

Italy is also among the top destinations of the ships in the Costa Cruises Group, with 3.2 million passenger movements and 852 calls in 20 different ports in 2018.

The company has also invested in many Italian companies, including Ecospray, a manufacturer of cleaning systems for ship exhaust fumes, and is a shareholder in the cruise terminals of Savona, Civitavecchia, Venice, Trieste, Naples, Genoa and La Spezia.

Image: Costa Cruises

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Marisa has been writing about transport design and the passenger experience since 2013 and is also a contributor to sister titles Aircraft Interiors International and Business Jet Interiors International. She has travelled the world extensively by car, plane, train and cruise liner.

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