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The global cruise industry is reporting record demand and renewed consumer enthusiasm, but the leaders helming the world’s largest cruise companies say the sector is also facing some of the most complex challenges it has seen in decades.

“We are not an alternative vacation anymore. We are a vacation,” Carnival Corporation

CEO Josh Weinstein said during a keynote panel Tuesday at Seatrade Global, a cruise industry conference.

As demand rises, passengers are getting younger; one-third of cruise travelers are now under 40, according to the 2026 State of the Cruise Industry report released by Cruise Lines International Association (CLIA). One-third of trips are multi-generational, often families traveling together. And nearly a third of cruisers take vacations by ship multiple times a year, according to the report.