Cruise ships have also become much larger. The COVID-19 pandemic changed many aspects of life, but boarding a cruise ship doesn't seem to be one of them. The cruise industry is booming at unprecedented levels in 2024, representing a jewel in a tourism sector that was practically closed during the pandemic. Despite the increase in the global cost of cruise travel, demand remains extremely high, and the cruise industry and the tourism market, which it supports simultaneously, will continue to be extremely prosperous in coming years.
From startups to traditional brands, you're making your mark. Prepare for future growth with personalized loan services, succession planning and capital for business teams. We serve the world's leading institutional investors and corporate clients and support the entire investment cycle with market-leading research, analysis, execution and investment services. We offer investment banking solutions, including mergers and acquisitions, capital raising and risk management, for a wide range of companies, institutions and governments.
Your partner for trading, accounts receivable, cross currencies, working capital, blockchain, liquidity, and more. A unique and sophisticated private banking experience designed with you in mind. Whether you want to invest on your own or work with an advisor to design a customized investment strategy, we have opportunities for all investors. Whether you want to invest on your own or work with an advisor to design a customized investment strategy, we have opportunities for all investors. Explore a variety of ideas organized by different topics.
Explore a variety of ideas organized by different types of content and media. Our goal is to be the most respected financial services company in the world and to provide services to companies and individuals in more than 100 countries. Ahead of the summer travel season, find out what's driving the cruise industry's upturn. Are the prospects for the cruise industry simple? Although the generation of the baby boomer generation once constituted the main consumer base in the sector, more and more young people are traveling and those who are traveling for the first time on board.
Cruise operators are investing in new hardware, including mega-ships and private destinations, to attract new customers. In the past, baby boomers were the cruise industry's primary consumer base. However, today, an increasing number of young travelers are boarding. According to CLIA, 73% of millennial and Generation X travelers say they would consider a cruise vacation.
In addition, during its first-quarter results presentation, Royal Caribbean International noted that half of its cruise customers are millennials or younger. Cruise ships also attract more first-time passengers. During its first-quarter results presentation, Carnival Cruise Line noted that there was a good mix of “newcomer to a cruise” bookings in its 2025 bookings to date, and that the customer group had increased by more than 30% compared to the previous year. Cruise operators are reviewing their offerings to attract consumers.
This is attracting more attention to the industry and accelerating acquisitions of newcomer vehicles to cruise ships, Boss said. The recent cost-of-living survey conducted in April by J. P. Morgan Research, responsible for Leisure and Retail (department stores and specialty stores), revealed that only 29% of respondents continue to save excessively, and 45% expect to spend less in discretionary categories during the next 12 months.
This illustrates an increasingly cautious spending environment, even in the face of moderating inflation. This puts cruise trips, which are often cheaper than land vacations, in a good position. Why do cocoa prices continue to rise and how will this affect consumers' appetite for chocolate? Find out. The labor market has remained surprisingly resilient. What is behind the rigidity of the labor market? Will it start to decrease? The recovery of the cruise market has also aroused optimism among investors, which has resulted in a significant increase in cruise company shares.
Given the rising prices of a cruise vacation, saving on a possible emergency evacuation will give you the peace of mind you need to relax and enjoy the cruise. When planning a summer cruise vacation with Broadway on the boat, rollercoasters over the ocean and craft beer by the pool somewhere in the Caribbean Sea, remember to become a member of Global Rescue, an affordable way to protect yourself in the event of a crisis while you're on the high seas. These numbers will continue to increase as cruise ship availability increases, and CLIA estimates that there will be 745,000 cruise ship moorings worldwide by 2028. The cruise industry has also received significant attention on social media with the launch of Royal Caribbean's nine-month Serenade of the Seas cruise, which involves traveling to seven continents. It is estimated that 35.7 million people will board a cruise by the end of 2024, according to the International Association of Cruise Lines (CLIA).
Since cruise bookings are recovering rapidly and exceeding pre-pandemic levels, cruise companies may raise prices and, in many cases, they are already doing so. The idea of a 274-day cruise excites many people, as it is said to be the longest cruise in historyNot only have cruise ships recovered, but cruise lines and ports receive more passengers than ever before. In April 2024, Norwegian Cruise Line placed the largest order for ships in its history to meet the growing demand for cruise travel. The United States dominates the cruise market primarily because Americans represent the highest percentage of the cruise passenger demographic.
