Page 6 - 2024 CIN Annual Report

INTRODUCTION

Forecasting a Record Year

2024 is on its way to become a record year for the cruise industry.
As this report went to press, the publicly traded cruise companies
had all reported a strong 2023 and with record forward bookings,
that is, higher occupancies, at higher prices, for 2024.

he only drag on the potential earnings is the debt MSC Cruises is continuing its sponsorship of the
Tthe companies had to take on to survive Covid, global F1 series (auto racing) through 2026.
but that is being managed.
So, not only has the industry come back after its forced Selling Point
service suspension and some bad publicity, but consum- Meanwhile, the old selling point still holds true, sail-
ers in the main markets are eagerly booking and also ing on a cruise means passengers only unpack once,
spending more money than they have in the past. while visiting different countries and destinations. It
cuts the hassle immensely, while being able to visit
Driving Expansion many European countries or Caribbean islands in one
The cruise lines are driving the growth by delivering trip, for example, or circumnavigating South America
a sound product, introducing new attractive ships, and or Australia. A cruise may also be the only way to see
have boosted their marketing programs, sales incen- the Arctic or Antarctica safely and comfortably.
tives and promotion. In addition, executives have always said they are pro-
Josh Weinstein, president, CEO and chief climate off- viding a superior product experience compared to land-
icer of Carnival Corporation, lit the New Year’s Eve Ball in based vacations and at a lower cost. The expense of a
Times Square on Dec. 31, 2023, for national TV coverage, cruise has gone up, but the starting point (for the least
while Royal Caribbean International signed up as an offi- costly cabin and no frills) is still astonishingly low.
cial partner of the Eurovision Song Contest for 2024 and From that starting point comes a range of state-
2025, broadcast in the 27 participating countries. rooms at different price points up to suites and the „

10 Cruise Industry News | 2024 Annual Report