Tuesday, May 28, 2024 Cruise industry set for 2024 recovery with $30B revenue & 29M users, bouncing back from pandemic lows. In the last four years, the cruise sector has faced severe setbacks due to the COVID-19 pandemic, which led to a significant decline in both revenue and customer base, far below what was recorded in 2019. However, 2024 is poised to be a pivotal year for the industry, potentially signaling the beginning of a robust recovery.
Stocklytics.com’s latest data forecasts that the cruise sector will bounce back to its pre-pandemic performance, with projections showing revenues reaching $30 billion and user numbers hitting 29 million by the end of 2024. From the Hardest Hit to the Most Rapidly Expanding Sector in Tourism The initial outbreak of COVID-19 severely dented confidence in cruise lines, relegating them to the most adversely affected category within the tourism sector.
At the onset of the pandemic, cruise operations virtually halted, with the industry witnessing an almost 90% fall in both revenue and user count year-over-year. The path to resurgence has been notably slower compared to other tourism segments. While hotels, packaged vacations, and holiday rentals managed to restore their pre-pandemic revenue and user figures by 2023, the cruise industry has lagged, continuing to navigate a challenging recovery terrain.
A survey by Statista Market Insights reveals that last year, the global cruise market generated $25.1 billion in revenue, which was $2 bi.