There's 'pent-up demand' for cruises in 2023: Travel Analyst

James Hardiman, Citi Leisure and Travel Analyst, discusses demand for cruises after COVID-19.

You can see the full interview here.

Key video highlights

00:07 On moving on from COVID-19

00:18 On 'pent-up demand'

00:38 On 'wave season'

00:55 On 2023 outlook

Video Transcript

JAMES HARDIMAN: Yeah, I mean, I think if you think about the rest of the economy, certainly the rest of the consumer space, everybody's moved on from the pandemic arguably years ago, right? It hasn't been nearly as easy for that cruise space.

And so I think there's a good argument to be made that there's still some pent-up demand here. There were about 50 million people that would have otherwise taken a cruise in 2020 and 2021 and ultimately didn't get to. Now, some of those people have gotten back on in the year or so since, but a significant portion has not.

I think the other thing that helps-- and we're entering what's called wave season, right, when a disproportionate number of bookings are made for the upcoming, you know, spring break and summer season. That was really marred last year by, you know, the onset of the Russia-Ukraine conflict and then also the outbreak of omicron. This year's wave season, by all accounts from the work that we do, is off to a much better start and, by all accounts, is off to a strong start. And so I think that sets the table to have a much more productive year.