Cruise Industry’s $4.2 Billion Revenue Surge

The cruise industry witnessed a record revenue of $4.2 billion between 2023 and 2024, marking a 27% growth compared to five years earlier. This surge was driven by visits to 33 Caribbean territories, as reported by the Business Research & Economic Advisors (BREA) at a conference hosted by the Florida and Caribbean Cruise Association in St. Martin.

The BREA survey revealed insights into travelers' spending habits, the types of excursions they prefer, and the travel advice they share with others.

The top ten revenue-generating destinations during this period included the Bahamas ($654 million), Cozumel, Mexico ($483 million), U.S. Virgin Islands ($258 million), Dominican Republic ($251 million), St. Martin ($237 million), Puerto Rico ($201 million), Jamaica ($197 million), Costa Maya, Mexico ($187 million), Honduras ($180 million), Cayman Islands ($161 million), and Aruba ($133 million).

The 33 destinations surveyed saw a total of 29.4 million cruise traveler visits, with each passenger spending an average of $104.36, totaling $3,070 million. The average expenditure per passenger increased in 26 out of the 31 destinations over five years, with 14 destinations averaging expenditures of $100 per traveler. These destinations also received about 3.9 million crew member visits, who collectively spent $229.5 million.

BREA's report also highlighted that the cruise sector contributed to the creation of 94,027 jobs between 2023 and 2024. These jobs generated global salaries totaling $1.27 billion, a 19% increase from 2018. Furthermore, cruise lines spent $968.3 million, averaging $29.3 million per destination.