Luxury travellers are spending, and with the pent-up demand caused by Covid-19, the cruise industry has been given a turbo boost in its restart. Regent Seven Seas Cruises reports record-setting demand, with its Sydney office ringing in the largest launch day sales for Seven Seas Grandeur in Regent’s 29-year history, said Steve Odell, Senior VP & MD Asia Pacific, Regent Seven Seas Cruises (RSSC) and Oceania Cruises.
The newly launched Seven Seas Grandeur features luxury designer suites and enhanced dining concepts that heighten the cruise experience for new and repeat passengers alike. Alongside the 750-passenger cruise ship, the 2023-2024 Voyage Collection was also launched early to cater to demand. There will be 139 new voyages with over 129 in-port overnights and 15 new ports of call to offer new experiences.
“Luxury travellers in Asia are unwilling to compromise when they travel. For our new Voyage Collection launch, we saw the largest price tag on a single suite booking, which was close to US$600K, for the palatial, 412sqm Regent Suite. The higher suites are selling first, including our Penthouses and Regent Suite, which is the pinnacle of luxury and comes with an in-suite spa with unlimited spa treatments, original Picassos, a private car and chauffeur in every port, and dedicated butler service,” said Odell.
He also reported a strong increase in first-time Regent travellers moving from bigger ships to the smaller ship experience. Regent, with its abundant personal space on board, appears to dangle a tempting choice for those looking to get away from the larger cruise ships with mass market appeal. Value-add privileges such as free unlimited onshore excursions, free dining at speciality restaurants and free unlimited wines and spirits, among others, provide the carrot for first-time big spenders.
Odell added that passenger demographics are getting younger and bookings have trended towards longer cruise itineraries beyond the typical seven- to 10-night journey.
RSSC’s brand proposition of providing value-add luxury might well resonate with the likes of new millionaires who are looking to upscale their experiences. According to this year’s Global Wealth Report by Credit Suisse, more millionaires than ever have joined the ranks despite the economic woes experienced by countries. Global wealth is expected to rise by 39% to reach US$583 trillion by 2025.
In Asia Pacific, the top eight countries with the most millionaires are China, Japan, Australia, South Korea, India, Taiwan (Chinese Taipei), Hong Kong SAR and Singapore. The number of millionaires in China, Singapore and Hong Kong are projected to double or more by 2025: China’s will increase from 5.3 million to 10.2 million; Singapore’s will increase from 270,000 to 437,000; and Hong Kong’s will increase from 520,000 to 831,000.
Odell said that the RSSC brand positioning as an all-inclusive luxury cruise line aligns with the consumption behaviour of this demographic, and with the new Seven Seas Grandeur, the bar has been lifted higher for luxury cruise experiences.