Luxury cruising, the new “Gold Rush”, growing at three times the rate of the overall industry
Luxury cruise capacity is set to nearly double by 2028, with Luxury Segment capacity on track to expand 87% compared to 2019 fuelled in part by new entrants.
What you will learn:
- Despite rapid growth, the Luxury Segment represents a small share of the market at 4% of capacity in 2019, growing to 6% by 2028.
- While pricing is still robust for the sector, existing and new luxury cruise operators could face increasing competition to identify cruisers to sustain this unprecedented growth.
- Other high-end travel sectors, such as the luxury hotel sector in the US, will experience muted growth during the same period of time in part due to exposure to business travel demand in urban markets and elevated development costs.
- Rapid growth in the Luxury Segment is occurring within a broader cruising landscape that favors the construction of vessels in the largest size categories and in the smallest, where Luxury supply is being added. Mid-size cruise ships are not being built.
- As a result, ports dedicated to mid-size cruise ships could expect slower growth prospects than ports that can attract small and/or large vessels.
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