News Americas, New York, NY, October 28, 2024: The cruise industry reached new economic heights in the Caribbean and Latin America during the 2023-2024 season, achieving a record $4.27 billion in direct expenditures from cruise tourism, according to a newly released study.
Conducted by Business Research & Economic Advisors, (BREA) and commissioned by the Florida-Caribbean Cruise Association, (FCCA), the report emphasizes the sector’s substantial contributions to regional economies, bolstering employment, wages, and direct spending in 33 participating destinations.
The 33.3 million cruise passenger and crew onshore visits across the Caribbean and Latin America drove the $4.27 billion in spending – a 27% increase from the previous study’s record in 2018. The industry also supported over 94,000 jobs, with total wages surpassing $1.27 billion, marking a significant boost for local economies and job creation.
Michele Paige, CEO of the FCCA, expressed pride in these results, emphasizing the positive impact on local lives and livelihoods. “This study not only underscores the economic value of cruise tourism but also offers insights for future collaboration between cruise lines and destinations to enhance mutual success,” said Paige.
Key findings reveal that cruise tourism’s impact stemmed largely from spending by passengers, crew, and cruise lines. Notable highlights include:
- Passenger and Crew Spending: The 29.4 million passenger onshore visits contributed $3.07 billion in spending, averaging $104.36 per passenger. Crew visits, numbering 3.9 million, generated $229.5 million at an average spend of $58.78 per crew member.
- Cruise Line Expenditures: Cruise lines spent an additional $968.3 million on services, provisions, and port fees, averaging $29.3 million per destination.
- Economic Impact Per Call: For a single cruise call with 4,000 passengers and 1,640 crew, total passenger and crew spending reached an average of $369,100.
- Among the 33 destinations highlighted, The Bahamas led in total expenditures with $654.8 million, followed by Cozumel, Mexico at $483.1 million, and the U.S. Virgin Islands at $258.1 million. Other key destinations included the Dominican Republic, Puerto Rico, St. Maarten, and Jamaica, each benefiting from multimillion-dollar expenditures that contribute to their economic vitality.
The report measured economic impacts using passenger and crew surveys, alongside data from regional government and economic development agencies to assess local employment, wages, port revenue, and taxes. The 31 destinations analyzed in both the 2018 and 2024 studies saw a 17% rise in passenger visits, while average passenger spending increased in 26 of these destinations. Notably, 14 destinations saw average passenger spending exceed $100, up from 12 in the previous study.
While the study focused on direct economic impacts, it also suggested that indirect benefits from cruise tourism could be substantial. These include supplies purchased by local businesses, potential for return visits by cruise passengers, and partnerships between cruise lines and local NGOs that further contribute to community growth.
The report was unveiled at the FCCA’s 30th annual Cruise Conference & Trade Show in St. Maarten, emphasizing the importance of fostering collaboration between cruise stakeholders and regional destinations. Detailed insights from the study, including individual destination metrics, passenger satisfaction, and shore excursion preferences, are available at the FCCA website.
As Caribbean and Latin American destinations continue to elevate their cruise tourism offerings, this record-breaking season provides a solid foundation for sustained growth and partnership with the global cruise industry.
