Deep Sea Passenger Transportation NAICS 483112

May 16, 2025 - Ship Totals and Passenger Capacity Growing

• The global cruise industry is expected to add 70 new ships between 2025 and 2033, increasing the number of available cruise vessels to more than 500, according to the latest Cruise Industry News Annual Report. Passenger capacity is forecast to increase about 23% from 34 million at the beginning of 2025 to 44 million by 2033. Demand for cruises has been strong, per the report, particularly in the North American market. Other trends for this year include increased purchases of shore excursions and specialty beverage and restaurant packages ahead of time, which usually translates into more onboard spending. The industry refers to the trend as a “fresh wallet” strategy, meaning vacationers tend to forget about their pre-departure spending and then spend more money onboard once the cruise is underway. The report also notes that cruise lines are increasingly prioritizing port destinations that generate the most revenue to maximize profits.
• The cruise industry is expected to rebound in 2025 with 19 million Americans expected to hit the high seas, according to AAA. It would be a 4.5% increase in cruise passengers over last year and the third straight year of record-breaking numbers. It continues a rebound for one of the hardest-hit industries of the pandemic. (By 2023, cruise travel has hit 20% above pre-pandemic levels.) Emerging cruise industry trends include booking trips on older, more established ships since those vessels are usually cheaper than new ones and sail for shorter durations. As for destinations, AAA reports that 72% of passengers are visiting the Caribbean. In fact, shorter Caribbean cruises of two to five days are 18% of total itineraries, compared to 2% in 2023, reflecting both trends.

• Baby Boomers once formed the core customer base for the cruise industry but an increasing number of younger travelers are now embarking, according to J.P. Morgan. The spending capacity of the Millennial customer has increased about 49% since 2019, according to J.P. Morgan. The average net worth today for an individual aged 40 or under is now about $25,000. 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.
• Deep sea passenger transportation industry employment remained near 10-year-high levels in September 2024, according to the US Bureau of Labor Statistics. Deep sea passenger transportation industry revenue increased 8.4% year over year but decreased 2.0% quarter over quarter during the first quarter of 2024, according to the US Census Bureau.