The booming cruise industry will continue to grow in popularity because people have enough "stuff", according to Norwegian Cruise Line's Frank del Rio.
The chief executive says folks have collected enough belongings for a lifetime, so now they crave experiences —especially millennials.
"One of my favorite statistics to quote is 85% of the world's self-storage units are in the US," he told TradeWinds today while at Seatrade Cruise Global in Miami Beach.
"Americans have been world-class hoarders and they don't know what do with their stuff."
The millennials have always preferred memories over belongings, and cruises provide the best experiences for the buck, he said.
The millennials never wanted stuff to begin with," he said.
"The confluence of the boomer generation and the millennial generation wanting to experience life as opposed to accumulating stuff is serving the cruise industry well."
More ships on the way
Del Rio reiterated once again how his company plans to meet that demand — with more ships.
His company owns 26 now and has another 11 on the way through 2027 with no plans to scrap or sell any of them.
"We've got more ships on order than any other cruise line," he said.
"Over the next 10 years, we will add 50% more ships than we have today."
He said his company is the fastest growing cruise company, trying to gain market share in eastern Europe and North America.
"Let others be the biggest," he said.
"We don't aim to be the largest."
Arnold Donald-led Carnival Corp is the world's largest cruise company with 105 ships, followed by Richard Fain-led Royal Caribbean, which will have 63 by 2020.
Norwegian's fleet of 26 vessels makes it the world's third largest.
