Advantage 'upbeat' about 2024 wave season as millennials get onboard
Ilaria Grasso MacolaThe Advantage Travel Partnership’s cruise community is feeling “upbeat” about the upcoming wave period, head of commercial John Sullivan has said, with passenger numbers nearing pre-pandemic levels and inflation slowing.
The consortium has reported a 150% hike in cruise passenger numbers over the past year, with the ocean and river segments soaring by 166% and 58% respectively. Nevertheless, the numbers are still slightly behind pre-pandemic levels.
However, with the economic situation in the UK slowly improving and new markets are emerging, such as demand from the millennial children of the first generation of cruisers, Sullivan believes there are opportunities for agents to build their cruise business.
Speaking to TTG, Sullivan said members of Advantage’s cruise community Latitude had reason to be cheerful about next year’s waves, despite ongoing geopolitical tensions and higher living costs.
“We’ve now got the biggest ever portion of people that have repaid their mortgages off,” he said during Latitude’s annual conference. “If these people don’t have a mortgage and have savings, they have got some money to spend and that makes me feel optimistic.”
Moreover, the UK’s inflation rate was at 4.6% in October, down from the 6.7% reported in September and August, meaning people now have a higher spending power compared to previous months.
“We’re now at that tipping point where people are seeing an increase in what they’re earning versus inflation or it’s levelled out, so I’m upbeat,” he added.
According to Sullivan, the waves period will gradually revert back to pre-pandemic levels, as the wave period this year reported an increase in last-minute bookings to the detriment of summer ones.
“We had a weird thing going on, with a lot of bookings being made for imminent departures and then a lot of stuff were booked for really far out, at the end of the year and into 2024,” he added. “Meanwhile the summer period wasn’t a focus, which is unusual for us.”
Latitude has recorded an increase in the length of stay despite the cost of living squeeze, with people making the most of their hard-earned getaways. Customer demographics have also changed, with Advantage reporting a hike in younger people – especially millennials – considering a cruise holiday.
“Millennials don’t need to be convinced that going on a cruise is a great idea, they will know a cruise is a great idea because they are the children of cruisers from generations gone by and have probably been cruising from the age of three,” added newly-appointed senior commercial manager Jonny Peat.
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