The correct answers are: A rise in interest rates; Devaluation of the euro; Increasing popularity of activity holidays.

A rise in interest rates would reduce discretionary spending as the cost of servicing existing loans, such as mortgages, becomes more expensive. Devaluation of the euro would mean that consumers will have to pay more for foreign currency and goods bought on overseas holidays would therefore become more expensive. Increasing popularity of activity holidays would imply that consumer taste is moving away from cruise holidays.

As the airline industry does not compete with the cruise holiday industry, the change in technology should have little effect. The rise in the croupiers' wage rate and enhanced safety legislation may make cruises more expensive. Although this may later be passed onto holiday makers in the form of increased prices, which may then reduce demand, the impact is not a direct one.