How Much Does the Cruise Line Industry Make Annually?

Lipcon, Margulies, Alsina & Winkleman, P.A

 

For many, a cruise vacation is luxury travel at bargain basement prices. After all, if you compare what you get on board with what it would costs you to get the same thing on land, not to mention that you don’t have to pack and unpack, or go through multiple customs and airport lines, you will soon realize that the price you are paying is well worth what you receive for it.

That said, if you have been on a cruise vacation lately, or are planning to embark on one soon, the realization that today’s cruise ships hold enough passengers to fill a small city may have you doing math in your head to figure out, “How much does the cruise line industry make annually?”

If that is the case, then you have come to the right place. We are here to give you the answers you are seeking.

The Industry Continues to Grow

The latest cruise revenue statistics are from 2015. In that year, the industry made 36.9 billion dollars. Despite a dip to 25 billion dollars in 2009, due to the global recession, the industry has made a rapid comeback.

Estimates establish that each cruise passenger, on average, generates a revenue of $1,779. While that number looks high, deducting per passenger expenses reduces the figure down to a profit of about $226 per person.

It may come as no surprise to you that the leaders in generating cruise line industry revenue are American travelers. Americans account for over half of global cruise passengers, totaling 12.41 million people in 2016. In the past five years, the revenue generated from Americans alone has grown by over seven billion dollars, and by 2020, it should reach 31.5 billion.

I hope that this has provided helpful insight into the revenue side of the cruise industry. No matter how much the industry makes, however, it is important for each company to continue to place passenger safety as the top priority. In fact, given the growth and interest in cruise tourism, we would hope that cruise lines would be especially vigilant in maintaining high standards of safety. It is a competitive market out there, as passengers have countless options from which to choose. Therefore, it is ultimately in each line’s best interest to keep you safe, so that they can retain your loyalty and your patronage.

Our Firm is Here for You

Unfortunately, even the most state-of-the-art ships can encounter challenges that place passengers at risk. So if you are unsure of where to turn after having been injured aboard a cruise know that a maritime attorney with Lipcon, Margulies, Alsina & Winkleman, P.A. is here to help. We have helped a wide range of clients navigate their cruise accident and claims cases, and we are prepared to do the same for you.

When you are ready to take the first step towards getting your life back on track, do not hesitate to contact us.