In our ongoing efforts to support the ferry industry, Interferry engaged Oxford Economics to conduct a Ferry Market Study on its behalf to identify the size and economic impact of the global ferry industry.
The economic impact assessment of the ferry industry has quantified three “core” channels through which it contributes to the economy. The sum of these three channels represents the total economic contribution made by the ferry industry.
The core channels are:
- Direct – measures the economic activity and employment supported directly by the ferry industry.
- Indirect – measures the economic activity and employment supported within the supply chain of the ferry industry.
- Induced – measures the economic activity and employment supported as those directly employed in the ferry industry and in its supply chains spend their wage income on goods and services.
To quantify these impacts, Oxford Economics used a model based on national accounts, as well as inputs relating to the activity of the ferry industry (such as revenue), its supply chain spending, and its staff (such as headcount employment or salaries paid to staff).
The result is a meaningful study that can be used by Interferry as well as individual ferry operators to influence regulators, politicians, and other decision makers.