Cruising Prices Rise with Growing Demand
Cruising Prices Rise with Growing Demand
© Fernando Jorge | Unsplash
Cruising Prices Rise with Growing Demand
© Fernando Jorge | Unsplash
Bright spots for the cruise industry
Carnival Corp. reported at the end of June that booking volumes for future cruises have risen sharply since the beginning of the year. CFO David Bernstein called it "a great achievement" of the company given that the bookings surge was achieved with minimal advertising and marketing budget. To meet the high demand, Carnival is adding new ships and the full fleet is expected to sail before next summer.
For the third year in a row, the luxury cruise line Regent Seven Seas broke the company’s world cruise opening day booking record within three hours. Silversea’s South Side Story - All the World’s a Stage and Oceania’s Around the World in 180 Days, both for 2023, sold out the day they opened for sale.
Factors are influencing the price
Celebrity Cruises CEO Lisa Lutoff-Perlo said travellers are eager to spend more money on luxury travel services, including cruise travel. While other industries have been hit hard by Covid-19, the cruise industry is showing signs of strong recovery.
However, many cruise industry advisors suggest that 2019 and 2022 are unfair comparisons. There are several new factors that did not exist in 2019 influencing the price. First, the disproportionate demand due to the industry being shut down for around 15 months. The second is the future cruise credit (FCC) policy. Passengers who had booked cruises that had to be cancelled due to the pandemic were able to opt for an FCC instead of a refund. This pent-up demand is now being felt.
With the travel outlook remains uncertain with governments changing their travel restrictions daily, it is hard to predict the future. Cruise companies are optimistic, “there will be a good [pricing] environment for some years," Carnival Corp. CEO Arnold Donald said.
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