cruise vacation market

• Asia Pacific
• Latin America
• Middle East & Africa
• North America
• Australia & New Zealand

Mainland China

• Hong Kong SAR, China
• Philippines
• Taiwan, China
• Channel Islands
• Netherlands
• Switzerland
• United Kingdom
• Saudi Arabia
• South Africa
• United Arab Emirates
• United States

From startups to legacy brands, you're making your mark. We're here to help.

• Innovation Economy Fueling the success of early-stage startups, venture-backed and high-growth companies.
• Midsize Businesses Keep your company growing with custom banking solutions for middle market businesses and specialized industries.
• Large Corporations Innovative banking solutions tailored to corporations and specialized industries.
• Commercial Real Estate Capitalize on opportunities and prepare for challenges throughout the real estate cycle.
• Community Impact Banking When our communities succeed, we all succeed. Local businesses, organizations and community institutions need capital, expertise and connections to thrive.
• International Banking Power your business' global growth and operations at every stage.
• Client Stories

Prepare for future growth with customized loan services, succession planning and capital for business equipment.

• Asset Based Lending Enhance your liquidity and gain the flexibility to capitalize on growth opportunities.
• Equipment Financing Maximize working capital with flexible equipment and technology financing.
• Trade & Working Capital Experience our market-leading supply chain finance solutions that help buyers and suppliers meet their working capital, risk mitigation and cash flow objectives.
• Syndicated Financing Leverage customized loan syndication services from a dedicated resource.
• Employee Stock Ownership Plans Plan for your business’s future—and your employees’ futures too—with objective advice and financing.

Institutional Investing

Serving the world's largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services.

• Institutional Investors We put our long-tenured investment teams on the line to earn the trust of institutional investors.
• Markets Direct access to market leading liquidity harnessed through world-class research, tools, data and analytics.
• Prime Services Helping hedge funds, asset managers and institutional investors meet the demands of a rapidly evolving market.
• Global Research Leveraging cutting-edge technology and innovative tools to bring clients industry-leading analysis and investment advice.
• Securities Services Helping institutional investors, traditional and alternative asset and fund managers, broker dealers and equity issuers meet the demands of changing markets.
• Financial Professionals
• Liquidity Investors

Providing investment banking solutions, including mergers and acquisitions, capital raising and risk management, for a broad range of corporations, institutions and governments.

• Center for Carbon Transition J.P. Morgan’s center of excellence that provides clients the data and firmwide expertise needed to navigate the challenges of transitioning to a low-carbon future.
• Corporate Finance Advisory Corporate Finance Advisory (“CFA”) is a global, multi-disciplinary solutions team specializing in structured M&A and capital markets. Learn more.
• Development Finance Institution Financing opportunities with anticipated development impact in emerging economies.
• Sustainable Solutions Offering ESG-related advisory and coordinating the firm's EMEA coverage of clients in emerging green economy sectors.
• Mergers and Acquisitions Bespoke M&A solutions on a global scale.
• Capital Markets Holistic coverage across capital markets.
• Capital Connect
• In Context Newsletter from J.P. Morgan
• Director Advisory Services

Accept Payments

Explore blockchain, client service, process payments, manage funds, safeguard information, banking-as-a-service, send payments.

• Partner Network

A uniquely elevated private banking experience shaped around you.

• Banking We have extensive personal and business banking resources that are fine-tuned to your specific needs.
• Investing We deliver tailored investing guidance and access to unique investment opportunities from world-class specialists.
• Lending We take a strategic approach to lending, working with you to craft the fight financing solutions matched to your goals.
• Planning No matter where you are in your life, or how complex your needs might be, we’re ready to provide a tailored approach to helping your reach your goals.

Whether you want to invest on your own or work with an advisor to design a personalized investment strategy, we have opportunities for every investor.

• Invest on your own Unlimited $0 commission-free online stock, ETF and options trades with access to powerful tools to research, trade and manage your investments.
• Work with our advisors When you work with our advisors, you'll get a personalized financial strategy and investment portfolio built around your unique goals-backed by our industry-leading expertise.
• Expertise for Substantial Wealth Our Wealth Advisors & Wealth Partners leverage their experience and robust firm resources to deliver highly-personalized, comprehensive solutions across Banking, Lending, Investing, and Wealth Planning.
• Why Wealth Management?
• Retirement Calculators
• Market Commentary

Who We Serve

INDUSTRIES WE SERVE

Explore a variety of insights.

Global Research

• Newsletters

Insights by Topic

Explore a variety of insights organized by different topics.

Insights by Type

Explore a variety of insights organized by different types of content and media.  

• All Insights

We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries.

Is the outlook for the cruise industry plain sailing?

Key takeaways

• While Baby Boomers once formed the core consumer base for the cruise industry, an increasing number of younger travelers and first-time passengers are now coming on board.

Cruise operators are investing in new hardware, including mega-ships and private destinations, to acquire new customers.

• Against a tighter consumer spending backdrop, cruise voyages — which often work out cheaper than land-based vacations — are growing in popularity.

Looking ahead, J.P. Morgan Research estimates the cruise industry will capture ~3.8% of the $1.9T global vacation market by 2028.

The cruise industry has markedly picked up speed after taking a major hit during the COVID-19 pandemic. According to the Cruise Lines International Association (CLIA), about 35.7 million passengers are expected to set sail in 2024, 6% more than in 2019. Indeed, major cruise lines have enjoyed a successful 2024 wave season — the period from January to March, when operators offer their best deals.

“An important point underscoring our more constructive view of the cruise industry post-pandemic is market share gains from the larger $1.9T global vacation market and accelerated new-to-cruise customer acquisition,” said Matt Boss, Head of Leisure and Retailing (Department Stores & Specialty Softlines) at J.P. Morgan. “Demand remains robust, with not a single historical lead indicator in the business, notably booking curve and on-board spend, signaling any softening.”

Ahead of the summer travel season, what is the outlook for the cruise industry, and what’s driving its rebound? 

The cruise industry is picking up speed, with about 35.7 million passengers expected to set sail in 2024. (Source: Cruise Lines International Association)

While Baby Boomers once formed the industry's core consumer base, an increasing number of young travelers and first-time passengers are coming on board.

The number of cruise passengers is growing 

The annual number of cruise passengers from 2023 to 2027 is expected to exceed pre-COVID levels. 

Positive demographic shifts

In the past, Baby Boomers formed the core consumer base for the cruise industry. Today however, an increasing number of younger travelers are coming on board. According to the CLIA, 73% of Millennials and Gen X travelers say they would consider a cruise vacation. And during its first-quarter earnings call, Royal Caribbean International noted that half of its cruise customers are Millennials or younger.

This is in part due to rising affluence. “Importantly, the spending capacity of the Millennial customer has grown ~49% since 2019, with the average net worth today for an individual aged 40 or under now standing at ~$259K,” Boss observed. 

Cruises are also attracting more first-time passengers. During its first-quarter earnings call, Carnival Cruise Line noted there was a healthy mix of “new-to-cruise” in its 2025 bookings to date, with the customer group increasing by over 30% versus a year ago. 

Elevated product and destination offerings

Cruise operators are overhauling their offerings in order to appeal to consumers. “Key operators are investing in new hardware, notably mega-ships and private destinations. This is driving more eyeballs to the industry, accelerating new-to-cruise acquisition,” Boss said.

In April 2024, Norwegian Cruise Line placed the largest ship order in its history to meet rising demand for cruise travel. The company will receive eight new vessels between 2026 and 2036.

Investments in land-based offerings are burgeoning, too. For instance, Royal Caribbean’s private island in the Bahamas, Perfect Day at CocoCay, is expected to draw over 3 million visitors in 2024. In the same vein, Carnival Cruise Line is developing a private beach destination, Celebration Key, on Grand Bahama. Opening in 2025, it will feature five areas, each with its own distinct amenities. “Investments in such attractions provide the cruise industry with the improved ability to give customers an experience that is better able to compete with land-based alternatives,” Boss added. 

“Key operators are investing in new hardware, notably mega-ships and private destinations. This is driving more eyeballs to the industry, accelerating new-to-cruise acquisition.”

Head of Leisure and Retailing (Department Stores & Specialty Softlines), J.P. Morgan

Consumers favor cruises over land-based activities

According to J.P. Morgan Research’s recent Cost of Living survey conducted in April, only 29% of respondents still have excess savings, and 45% expect to spend less in discretionary categories over the next 12 months. This illustrates an increasingly cautious spending environment even in the face of moderating inflation.

This puts cruise voyages, which often work out cheaper than land-based vacations, in good stead. “We see the consumer increasingly focused on value within discretionary categories, with the value spread between cruises and land-based alternatives standing at 25–30% today versus 10–15% pre-pandemic,” Boss noted. “Cruise lines have focused on improved experiences with no step down in quality or service despite inflation, further amplifying their value.”

Despite the tighter consumer spending environment however, both ticket and onboard prices have increased in recent months. Royal Caribbean International cited that in addition to record ticket pricing, consumer spending onboard and pre-cruise purchases continue to exceed prior years. In the same vein, Carnival Cruise Line’s onboard revenue in the first quarter of 2024 was +17.6% versus the first quarter of 2019. 

Overall, the demand backdrop remains robust for the cruise industry. “We estimate that 85%+ of tickets have been booked for 2024, and the focus is turning to 2025, with bookings to date already ahead of historical levels,” Boss said. “Looking ahead, we see the industry growing revenues by high-single digits over the next five years, capturing ~3.8% of the global vacation market by 2028.” 

Related insights

Leveraging cutting-edge technology and innovative tools to bring clients industry-leading analysis and investment advice.

Will rising cocoa prices trigger a chocolate crisis?

April 03, 2024

Are sweet treats about to get more expensive? Discover why cocoa prices are rising and what chocolate brands are doing to adapt.

Will the US labor market boom continue?

April 18, 2024

The U.S. labor market has remained surprisingly resilient. What’s behind the tight labor market and will it begin to tail off?

This communication is provided for information purposes only. Please read J.P. Morgan research reports related to its contents for more information, including important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.

This communication has been prepared based upon information, including market prices, data and other information, from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise.

This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan.

Copyright 2024 JPMorgan Chase & Co. All rights reserved.

You're now leaving J.P. Morgan

J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan isn’t responsible for (and doesn’t provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name.

• Travel, Tourism & Hospitality ›
• Leisure Travel

Cruise industry in the United States - statistics & facts

How many cruise passengers travel from the u.s. every year, what are the leading u.s. cruise companies, key insights.

Detailed statistics

Revenue of the cruises industry in the U.S. 2020-2029

Revenue growth of cruises in the U.S. 2020-2029

Employment in the cruise line operator industry in the U.S. 2023-2024

Editor’s Picks Current statistics on this topic

Number of global ocean cruise passengers 2019-2023, by source market

Number of cruise passengers from the U.S. 2016-2023

Further recommended statistics

• Premium Statistic Number of global ocean cruise passengers 2009-2027
• Premium Statistic Number of global ocean cruise passengers 2019-2023, by source market
• Premium Statistic Main global cruise destinations 2019-2023, by number of passengers
• Premium Statistic Revenue of the cruises industry in the U.S. 2020-2029
• Premium Statistic Revenue growth of cruises in the U.S. 2020-2029
• Premium Statistic Direct spending in the cruise industry in the U.S. 2021-2022, by type
• Premium Statistic Businesses in the cruise line operator industry in the U.S. 2022-2024
• Premium Statistic Employment in the cruise line operator industry in the U.S. 2023-2024

Number of global ocean cruise passengers 2009-2027

Number of ocean cruise passengers worldwide from 2009 to 2023, with a forecast until 2027 (in millions)

Number of ocean cruise passengers worldwide from 2019 to 2023, by source region (in 1,000s)

Main global cruise destinations 2019-2023, by number of passengers

Leading ocean cruise destinations worldwide from 2019 to 2023, by number of passengers (in 1,000s)

Revenue of the cruises market in the United States from 2020 to 2029 (in billion U.S. dollars)

Revenue growth of the cruises market in the United States from 2020 to 2029

Direct spending in the cruise industry in the U.S. 2021-2022, by type

Direct spending in the cruise industry in the United States in 2021 and 2022, by type (in billion U.S. dollars)

Businesses in the cruise line operator industry in the U.S. 2022-2024

Number of businesses in the cruise line operator industry in the United States in 2022 and 2023, with a forecast for 2024

Number of employees in the cruise line operator industry in the United States in 2023, with a forecast for 2024

Cruise passengers

• Premium Statistic Number of cruise passengers from North America 2016-2023
• Premium Statistic Number of cruise passengers from the U.S. 2016-2023
• Premium Statistic Growth rate of the cruise passenger volume from the U.S. 2017-2023
• Premium Statistic Cruise passenger movements at leading ports worldwide 2019-2023
• Premium Statistic Interest in taking a cruise vacation in the U.S. 2024

Number of cruise passengers from North America 2016-2023

Number of cruise passengers sourced from North America from 2016 to 2023 (in 1,000s)

Number of cruise passengers sourced from the United States from 2016 to 2023 (in 1,000s)

Growth rate of the cruise passenger volume from the U.S. 2017-2023

Year-over-year percentage change in the number of cruise passengers sourced from the United States from 2017 to 2023

Cruise passenger movements at leading ports worldwide 2019-2023

Number of cruise passenger movements at selected leading ports worldwide from 2019 to 2023 (in 1,000s)

Interest in taking a cruise vacation in the U.S. 2024

Share of adults who were interested in taking a cruise vacation in the United States from 2022 to 2024

Cruise companies

• Premium Statistic Revenue of Carnival Corporation & plc worldwide 2008-2023
• Premium Statistic Net income of Carnival Corporation & plc 2008-2023
• Premium Statistic Revenue of Royal Caribbean Cruises worldwide 1988-2023
• Premium Statistic Net income of Royal Caribbean Cruises worldwide 2007-2023
• Premium Statistic Revenue of Norwegian Cruise Line worldwide 2011-2023
• Premium Statistic Net income of Norwegian Cruise Line worldwide 2011-2023
• Premium Statistic Tour revenue of Lindblad Expeditions Holdings worldwide 2014-2023
• Premium Statistic Net income of Lindblad Expeditions Holdings worldwide 2014-2023

Revenue of Carnival Corporation & plc worldwide 2008-2023

Revenue of Carnival Corporation & plc worldwide from 2008 to 2023 (in billion U.S. dollars)

Net income of Carnival Corporation & plc 2008-2023

Net income of Carnival Corporation & plc worldwide from 2008 to 2023 (in billion U.S. dollars)

Revenue of Royal Caribbean Cruises worldwide 1988-2023

Revenue of Royal Caribbean Cruises Ltd. worldwide from 1988 to 2023 (in billion U.S. dollars)

Net income of Royal Caribbean Cruises worldwide 2007-2023

Net income of Royal Caribbean Cruises Ltd. worldwide from 2007 to 2023 (in million U.S. dollars)

Revenue of Norwegian Cruise Line worldwide 2011-2023

Revenue of Norwegian Cruise Line Holdings Ltd. worldwide from 2011 to 2023 (in billion U.S. dollars)

Net income of Norwegian Cruise Line worldwide 2011-2023

Net Income of Norwegian Cruise Line Holdings Ltd. worldwide from 2011 to 2023 (in million U.S. dollars)

Tour revenue of Lindblad Expeditions Holdings worldwide 2014-2023

Total tour revenue of Lindblad Expeditions Holdings, Inc. worldwide from 2014 to 2023 (in 1,000 U.S. dollars)

Net income of Lindblad Expeditions Holdings worldwide 2014-2023

Net income of Lindblad Expeditions Holdings, Inc. worldwide from 2014 to 2023 (in 1,000 U.S. dollars)

Consumer opinions

• Premium Statistic Key factors that would enhance the appeal of cruises in the U.S. 2024
• Premium Statistic Ideal length of time to spend on a cruise vacation in the U.S. 2024
• Premium Statistic Main cruise lines chosen by cruise travelers in the U.S. 2024
• Basic Statistic Best-rated mega-ship cruise lines by travelers worldwide 2023
• Basic Statistic Best-rated large-ship cruise lines by travelers worldwide 2023
• Basic Statistic Best-rated midsize-ship cruise lines by travelers worldwide 2023
• Basic Statistic Best-rated small-ship cruise lines by travelers worldwide 2023
• Basic Statistic Best-rated river cruise lines by travelers worldwide 2023

Key factors that would enhance the appeal of cruises in the U.S. 2024

Main factors that would enhance the appeal of cruises in the United States as of February 2024

Ideal length of time to spend on a cruise vacation in the U.S. 2024

Ideal length of time to spend on a cruise vacation according to adults in the United States as of February 2024

Main cruise lines chosen by cruise travelers in the U.S. 2024

Main cruise lines chosen by cruise travelers in the United States as of February 2024

Best-rated mega-ship cruise lines by travelers worldwide 2023

Best-rated mega-ship cruise lines by travelers worldwide as of June 2023

Best-rated large-ship cruise lines by travelers worldwide 2023

Best-rated large-ship cruise lines by travelers worldwide as of June 2023

Best-rated midsize-ship cruise lines by travelers worldwide 2023

Best-rated midsize-ship cruise lines by travelers worldwide as of June 2023

Best-rated small-ship cruise lines by travelers worldwide 2023

Best-rated small-ship cruise lines by travelers worldwide as of June 2023

Best-rated river cruise lines by travelers worldwide 2023

Best-rated river cruise lines by travelers worldwide as of June 2023

Further reports

Get the best reports to understand your industry.

Mon - Fri, 9am - 6pm (EST)

Mon - Fri, 9am - 5pm (SGT)

Mon - Fri, 10:00am - 6:00pm (JST)

Mon - Fri, 9:30am - 5pm (GMT)