- A third of new ships being constructed are under-1,000-bed vessels with the potential to serve the affluent market
- Boutique brands and hotel companies are joining the competition for luxury cruise passengers
- Established luxury cruise brands have the opportunity to defend their position by being attuned to customers’ needs and building for future demand and expectations
Luxury cruise tourism is showing strong potential for growth, evidenced by the tripling of the elite cruise fleet since 2010 and a projected increase in affluent luxury cruise travellers from 1.1 million in 2024 to 1.58 million by 2028.
The vibrancy of this segment was evident at the recent ILTM Asia Pacific, which attracted the participation of several luxury cruise brands.
Citing Cruise Lines International Association data at a media briefing, Steve Odell, global ambassador, luxury group, Regent Seven Seas Cruises & Oceania Cruises, expressed excitement that the cruise industry is “heading somewhere”.
“The cruise population was around 27 or 28 million in 2019, just before Covid, but with all the new ships coming into the market, it is now anticipated that by 2029 this population will cross 42 million. It may surprise you to know that there are 86 new cruise ships on order that haven’t even been delivered yet. It’s a huge order book worth around US$98 billion. If you hoped to order a ship now, you can’t until 2036/2037 because the shipyards are full,” said Odell, adding that a third of the orders in the books are for smaller ships with under 1,000 beds, indicating more ultra-luxury cruise products on the horizon.
While new brands have entered the luxury and ultra-luxury cruise tourism space, Odell said this development is good for the industry.
He remarked: “Hotel brands are very, very interested in the cruise sector and are entering the market. This is great because they are introducing a hotel customer to the cruise product. As they market to their databases, they are bringing a huge amount of new interest into the market.”
More ways to cruise
The emergence of new brands is adding diverse layers to the luxury and ultra-luxury cruise market. Besides the established luxury cruise lines that offer larger ships, there are now boutique ocean and river cruises, expedition cruises, as well as hybrid cruises with the ability to offer both regular and adventure voyages.
Explora Journeys, the luxury cruise line under the Mediterranean Shipping Company, launched its first ship, Explora One, in August 2023 and quickly followed with Explora Two in September 2024 and Explora Three in July 2026. Two more will welcome affluent guests in 2027 and one more in 2028.
Anna Nash, president of Explora Journeys, described the cruise line as being “in a category of one”.
She told TTG Asia: “We’re not a traditional legacy cruise brand. We don’t have the white glove, stiff butler service. Our service comes from the heart. We train our teams to smile and converse with guests, and to get to know them. We are a floating hotel whose address is the ocean.
“While we operate like a hotel, we offer a different experience. Yet, we’re very different to the new hospitality brands that have taken to the water. Explora Journeys ships are mid-sized, built with a generosity of space and a variety of amenities. We know that luxury is about choice, so we have 12 bars and lounges, six restaurants, an indoor gym, an outdoor gym, five swimming pools, a Himalayan salt room – I could go on.”
Explora Journeys has also designed its voyages to avoid repeated port calls, allowing guests to extend their time onboard should they wish to.
With so much to do onboard, Nash said it was common for guests to book an additional sailing that carries on from their initial voyage.
Nash noted that there remain “many people who believe that ocean travel is not for them”. Efforts to convert these first-timers bring Explora Journeys the “double win” of introducing more travellers to the cruise concept as well as to her brand.
Explora Journeys sees Asia-Pacific as a promising source market. It now has a Chinese name and logo, as well as established accounts on WeChat and Xiaohongshu to cater to Chinese-speaking markets. To welcome the rest of Asia, the company has also brought on board team members who are trained to serve and converse with guests from the region. On the trade side, Explora Journeys conducts the Sail to Sell programme to acquaint Asian travel advisors with the brand and product.
The Ritz-Carlton Yacht Collection, another new player in the luxury cruising space, brought its third and newest superyacht, the all-suites Luminara, into Asian waters at the start of this year. It operated turnaround trips between Hong Kong and Singapore or Tokyo from January through mid-April 2026, with port calls including Osaka, Bangkok, Incheon, Halong Bay and Ho Chi Minh City.
“That season went really, really well, and we announced (in March 2026) a second expanded season for Asia in 2027,” said Seb Seward, vice president & general manager – Asia-Pacific.
Seward said The Ritz-Carlton Yacht Collection’s unique proposition is that “we are a superyacht experience, not a cruise experience”.
“Our guests can swim off the back of the yacht or sit and relax with a glass of champagne. We have a DJ playing onboard; there is a beach club vibe, which is very different to what you would get on a standard cruise,” he said.
Another point of appeal is The Ritz-Carlton Yacht Collection’s flexibility to weave in an adventure element. Two zodiacs have been added to Luminara, allowing it to offer more “expedition-type, nature-guided experiences”, shared Seward.
Luminara’s next season in Alaska will see it operating an expanded slate of itineraries in the region. Select departures will navigate the famed Inside Passage, offering access to glaciers, forested shorelines and abundant wildlife. Nearly all voyages of eight nights or longer include a glacier day, along with scenic cruising through Tracy Arm Fjord, where guests can take in towering ice formations and Alaska’s natural beauty from their private oceanview terraces.
Asia-Pacific is The Ritz-Carlton Yacht Collection’s fastest-growing market. Seward told TTG Asia that the strong performance here could be due to the company’s establishment of sales, reservations and marketing teams in the region, as well as the opportunity to showcase its product to Asian travel advisors and luxury media when Luminara sailed the region earlier this year.
Friendly competition
Odell is unperturbed by the expanding presence of new players in the luxury and ultra-luxury cruise tourism space.
He explained: “The heritage of our brand is a very big strength because customers are very loyal; they prefer to stay with the brand they know and trust. I believe that’s where we’ve really been able to make a strong place for ourselves in the market.”
Furthermore, Regent Seven Seas Cruises has continued to keep a close eye on the evolving needs of luxury cruise travellers, allowing it to build the right products for the future.
Odell said customers are spending more, expecting larger suites, and prioritising higher-end experiences that are more exclusive. And it is responding accordingly.
The new Seven Seas Prestige boasts a collection of Skyview Regent Suites, which are each priced from US$25,000 per night. Each Skyview Regent Suite spans 817m² across two levels and is described as “unprecedented” by Jason Montague, chief luxury officer for Regent Seven Seas Cruises.
Regent Seven Seas Cruises is also sailing the Mediterranean all year round to cater to affluent travellers who increasingly want to explore during the calmer shoulder season, while elevating the dining experience through cooking schools and demonstrations onboard, food-orientated shore excursions and more.
Illustrating affluent customers’ readiness to spend on products that resonate with their needs, Odell shared that when the Skyview Regent Suites opened for bookings, 10 were snapped up on the first day.
