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Norwegian Cruise Lines Breakaway
Photo: Norwegian Cruise Lines
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The global cruise industry is booming. Now the fastest-growing category in the leisure travel market — estimated at $45.6 billion in 2018 — cruise vacations attracted more than 26 million travelers last year, up 3% over 2017. By the end of 2019, that number is expected to hit 30 million, according to Statista.
One likely explanation for the surge is millennials’ increased interest in cruise travel. To keep pace, the industry plans to pour about $65 billion into building more ships over the next 10 years.
Despite incidents of crime and reports of illnesses and outbreaks on vessels, cruise ships are operating at near 100% capacity and claim it’s been almost impossible to keep up with demand. Many vacationers opt for cruises because of they offer an all-in-one experience, several entertainment and dining options and the ability for families to stay together while enjoying separate vacations.
But by 2019 millennials will surpass boomers in population size (73 million vs. 72 million), and these young, savvy travelers will soon become the newest cruiser demographic. That means cruise lines will need to start making some serious changes, from offering creative food options and unique onboard activities to authentic experiences and more exotic destinations.
Norwegian Cruise Line CEO Frank Del Rio says he is prepared to meet the challenge. With a combined fleet of 26 ships with approximately 54,400 berths across its Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands, Norwegian offers itineraries to more than 450 destinations worldwide and plans to introduce 11 additional ships through 2027.
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