德安华（Kroll）：2026年春季全球邮轮行业洞察报告（英文版）（22页）.pdf

1、SP RIN G 2026INDUSTRY INSIGHTSLearn MoreCruise Sector A Travel Sector whose Time has comeIn this paper we set out the investment case for cruising as one of the most attractive areas of the travel industry based on superior long-term demand growth and strong financial metrics.There are many ways to

2、play the sector,depending on investment strategy as well as consolidation potential.We also take the opportunity to bust a few myths surrounding the cruise sector to demonstrate that while the sector is still young,it is now increasingly mainstream as both a vacation option and investment thesis.KEY

3、 TAKEAWAYSStrong growth and remarkable resilience across cyclesDifferentiated specialist offerings driving growth and customer intention to cruiseHigh revenue visibilityThe cruise sector has shown remarkable resilience with no decrease in passenger numbers since 1985(excluding Covid period),growing

4、at a CAGR of 7.7%,significantly above the overall travel sectorSupply is the major constraint on growthCruise offerings now include a rich variety of experiences,from mass market to ultra-luxury,to destination-oriented,entertainment-focused,family-oriented or activity-based options,further stimulati

5、ng growth The ability to meet differing preferences increases cruisings appeal as a vacation option-average passenger age in 2024 was 46 years oldBooking windows are longer and increasing with the current average now at 11 monthsCruise has higher repeat rates than any other travel segment:82%of crui

6、sers expected to cruise again Halo effect of investment by large operators benefits midsize playersSupport for local economies High return on capitalHuge investment of approximately$3 billion annually in marketing by larger cruise operators provides a tailwind for midsize players with differentiated