THE cruise industry is set to generate five times less revenue this year than in 2019.
According to data by Statista, the industry is anticipated to create US$6.6 billion in revenue, with confidence in cruise lines plummeting thanks to the COVID-19 pandemic.
Two years ago, the cruise industry generated US$27.4 billion in revenue, the data revealed, but after the pandemic struck, revenues plummeted by 88% in a year to US$3.3 billion last year.
The data indicates it will take until 2024 for cruise line revenues to exceed 2019 figures.
The massive drop in revenue is driven by a more than two-thirds (76%) decrease in passengers to 6.7 million, down from almost 29 million before the pandemic.