So, in the end, the magic is, how to make money? I want to tell you, it's not easy.
What's facing us now is similar to what we faced in 1978-79. We were looking at high inflation, but back then, a strange thing happened: opportunities opened for low-cost carriers. There was deregulation. And the cruise industry really picked up.
We may be wrestling with inflation -- it could be the tariffs -- but there may be tax cuts, and cost reductions associated with the migrant situation. With a switch in administrations, there are high hopes as well as concerns. I don't know that you're going to see many people spending a lot of money initially.
My business is divided among government, corporate, cruise, meetings, leisure and technology. I'm looking at an increase in conferences and meetings. Because of uncertainty, people will want to meet to navigate through this. It will have a big impact on our company.
Government isn't a cheap business to handle. They expect the best, and that's fine with me. And even with its focus on efficiency, the government will still have to travel. We'll be busy with the migrant situation -- I do that sort of business. I'm not saying I'm going to cash in on it, but we handle very serious government travel and military, as well.
On the corporate side, people still need to make deals face to face. They need to get back into the fray.
I'm really more worried on the leisure side because of the wars and uncertainty. But that doesn't stop today's cruisers. Cruising is still viewed as one of the safest vacations. People are looking at niche cruises, expedition cruises and the amazing large ships that blow your mind. Cruise.com is going to have a very good year -- we're already booking into 2026.
Cruise lines have been very smart marketers, whereas the airlines kind of fell short. I dearly appreciate them because their focus is always on safety, and it's a very expensive business to run, but I think that they would do better if they got a little more help from the agency community.
I don't do as much land on the leisure side as I once did, as a percentage. Prices have increased tremendously, and that kind of holds people back. If they're going to keep raising prices, we've got a problem. There is a market for high luxury, but people aren't going to spend that kind of money unless it's super luxury.
I'm focusing more on what I call purposeful and niche travel. There's a need to target special interests.
The other thing we don't talk enough about is the high cost of technology and cybersecurity. That just keeps escalating.
This interview was conducted by Arnie Weissmann.