cruise


‘Banner year’ forecast to follow record 2024


UK cruise bookings have hit an all-time high as ships grow in size


MAJOR CRUISE lines’ revenues and profits reflected a record year for ocean cruise in 2024. Carnival Corporation reported $25 billion in revenue, up 15% on the previous year, and a full-year profit of bELOOLRQ WKDQNV WR “FRQWLQXHG


VWUHQJWK LQ GHPDQG” DQG “VWURQJ pricing compared to 2023”. An operating profit of $3.6 billion


was more than 80% up on the previous year, with Carnival Corporation’s brands carrying 13.5 million passengers. Chief executive Josh Weinstein reported 2025 was “shaping up to be another banner year” and “2026 booking volumes continue to break records”. Royal Caribbean Group recorded


“exceptional” full-year results, with $16.5 billion in revenue and $2.9 billion in net profit, having carried 8.6 million passengers, and forecast “another great year” in 2025. Norwegian Cruise Line


The Deloitte view


The cruise industry began to regain a sense of normalcy in 2023, and 2024 turned out to be a strong year, particularly for the largest ocean-going operators. Occupancy rates remained robust with prices holding up, prompting some companies to report record revenues. Early indications suggested bookings


for 2025 were ahead of the same time last year entering the critical wave sales period. The US market continued to show significant growth, while the UK and European markets performed well. Deloitte’s Future of Consumer research


identified a key trend influencing the sector as disruption from new market entrants, especially in the luxury segment. Expedition, luxury and river cruising are benefiting from consumers’ desire for new experiences and


continue to attract investment. New ships are set to add 45,000 cabins between 2024 and 2027, predominantly to the fleets of the largest operators – a 12% rise in capacity. Fortunately, the sector has managed to


shift the dial and become less reliant on its traditional customer base. An increasing proportion of holidaymakers are willing to try cruising, with the industry’s appeal expanding to a wider demographic. The sector is also innovating by developing private islands as destinations, enhancing the guest experience. As the industry continues to grow, these private islands will help mitigate port capacity constraints. Pricing remains competitive compared


with land-based holidays, suggesting cruise’s growth potential could surpass that of the holiday market overall.


However, the next few years are likely to prove increasingly competitive. The cruise industry has the advantage


of being able to redeploy ships when necessary due to geopolitical issues. However, disruptive events are not without challenge and will continue to see operational issues, rerouteings and changes to itinerary. Managing these impacts effectively, especially with large passenger numbers, will remain a priority. Many new ships are using cleaner energy,


including shore power and liquefied natural gas (LNG), marking a step towards reducing their environmental impact. But challenges on emission reduction persist and industry


leaders must continue to focus on this issue. Q Alistair J Pritchard, lead partner, Travel and Aviation


FIGURE 74: CRUISE


OPERATIONS BY REGION


% of total ocean cruise passengers, 2023


5% 6%


10.5% 6%


18.5%


Caribbean Mediterranean Europe, excl. Med Alaska Pacific Coast, Mexico Asia, China


Other cruises (world, transatlantic, expedition) Other regions (Australia/Pacific, S America, Africa/Middle East, Canada / New England)


Source: Clia 44% 4%6%


Holdings had yet to report full-year results as this report was finalised, but the group had reported “exceptional” third-quarter results and record revenues. UK cruise demand hit a record, with bPLOOLRQ SDVVHQJHUV FUXLVLQJ LQ


15% up on 2019 and 10% above the previous high of two million in 2018. The German market remained larger at bPLOOLRQ EXW UHPDLQHG


GRZQ RQ


2019, while the world’s biggest market, WKH 86 ZDV XS


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passengers. Worldwide passenger numbers were up almost 7% on 2019 in 2023, and 2024’s numbers will have been higher still. The UK and Ireland market


recorded the longest average cruise duration in Europe at 10 days, and the average age of UK passengers fell to 55, down from 57 in 2019 but still above the European average of 50. Cruise association Clia reported 27% of


cruise passengers were new to the sector in the two years to 2024 and identified expedition cruises as the fastest growing sector, with carryings up 71% on 2019. Seven ships joined Clia members’


ocean cruise fleet in 2024 and another 30 are on order up to 2028, with 12 ships


52 Travel Weekly Insight Report 2025


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