Revenue in the Cruises market is projected to reach US$25.14bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 9.29%, resulting in a projected market volume of US$35.87bn by 2027.
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CLIA forecasts passenger numbers will not only meet but exceed pre-pandemic levels by the end of 2023. And according to Cruise Industry News' cruise ship orderbook for ocean-going vessels, nearly 40 new ships are lined up to debut this year alone, with more than 75 vessels on order through 2027.
The 2023 cruise industry is booming.It has far surpassed 2019 levels, breaking sales records in a furious, post-pandemic comeback. Like most tourism sectors, cruising is reaping the benefits of “revenge travel”— vacationers making up for the time that was lost during the pandemic.
Cruising in 2023 is mostly back to normal following the pandemic-induced changes implemented across the industry in 2021 and 2022. Pre-cruise testing has been almost entirely abolished, ships are sailing at full capacity, and new ships are being constructed.
Are cruises in high demand? The 2023 cruise industry is booming. It has far surpassed 2019 levels, breaking sales records in a furious, post-pandemic comeback. Like most tourism sectors, cruising is reaping the benefits of “revenge travel”— vacationers making up for the time that was lost during the pandemic.
He added: Cruise is expected to recover faster than the larger tourism segment. Data found that global capacity is predicted to grow by 19 percent to more than 746,000 berths from 2022 to 2028. Research also showed that 85 percent of those that have cruised will sail again, six percent higher than pre-pandemic totals.
While the cruise lines have been sailing around 60-80% capacity in 2022, some are predicting they will reach 100%+ occupancy by the middle of this year. So, with more individuals wanting to cruise, this means higher cruise fares. We are already feeling these effects when trying to plan trips for the year ahead.
Hurricane SeasonStorms in August and October have a moderate risk of developing into hurricanes while September has the highest risk of all. For these reasons, September is the worst month of the year to take a cruise.
For 2023, the passenger capacity is forecast to grow another 18 percent, with the full fleet sailing, plus new ships entering service, offset by the retirement of older ships and some brands that ceased service during the pandemic.
Indeed, the World Travel & Tourism Council (WTTC) forecasts that the global travel and tourism sector will reach US$9.5 trillion in 2023 — just 5% below 2019 pre-pandemic levels.