- Cruise line bookings are above pre-pandemic levels, which means this year’s “wave season” discounts are a bit different than years past.
The early post-pandemic days were rough for cruise lines. Passengers—with the horror stories of people being stuck in their cabins and unable to dock at ports fresh in their mind—largely avoided sea travel, resulting in steep discounts and empty decks. Today, the story is a much different one.
Cruising is back in a big way. Bookings are at their highest levels since the pandemic, and reservations for trips in 2025 are running 10% to 15% above historic levels, according to the Wall Street Journal.
That’s causing a bit of a problem for people who typically book during the holiday season, when, historically, the best promotions have been available. This year, “wave season” is still rolling along, but the offers aren’t quite what they have been. Instead of discounts, travelers are seeing offers like dining upgrades or drink packages.
Shares of Carnival and Norwegian Cruise Line Holdings are still well below where they were in 2020. Shares of Royal Caribbean Group, though, are more than 75% higher. All three companies have seen notable gains in the past year, however.
Part of the appeal of these vacations at sea is the value offering. While prices to landlocked attractions have soared in recent years, a study by Truist found that the price per passenger on cruises starts as low as $186 per day, which is below the hotel price alone in many major cities or Caribbean destinations. And, of course, on a cruise, the price encompasses much more than just your quarters.
That could be why Disney is looking to expand its cruise business in a big way. The entertainment giant operates five cruise ships now and plans to nearly double that number as part of a $60 billion effort to expand its theme park and other entertainment offerings over the next 10 years.