Cruise Industry Market Is Strong while Capacity Soars with New Ships

Cruise ships are a unique business model within the hospitality industry, a hotel/guest cabin side, multiple dining venues and a tour operation in one platform. The crew skills required to operate a cruise ship safely and successfully are by far the most varied within any of the hospitality and travel sectors. Cruise ships must have large engineering staff, a navigation staff, housekeeping, cooking/dining/bar staff, entertainment, social directors and frequently, even casino staff. Frequently, only a small part of the crew consists of permanent employees of the cruise line, with the balance being contract workers provided by outside firms. The Cruise Lines International Association (CLIA) reports that the cruise industry’s total economic impact on the global economy (on a broad basis) was $138 billion for 2022. The global cruise industry is projected by CLIA to grow from 625,000 berths in 2022 to 746,000 in 2028, as many new ships are being launched.

Cruises can be particularly well-positioned for budget-conscious tourists, as consumers consider cruises to be fun vacation packages at reasonable prices. Parents cruising with children often bunk the entire family in one cabin, saving even more money. Baby Boomers find cruises a cost-effective way to fulfill their travel wishes as they get older, and Millennials and Generation Xers like the party atmosphere found on some cruises.

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Cruise Industry Market Is Strong while Capacity Soars with New Ships, Business and Industry Trends Analysis

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