Given the economic uncertainties surrounding tariffs and international relations, one might expect these factors to greatly impact cruise travel.
The reality, though, is different. While there are subtle changes to be aware of, bookings and rates are staying steady. And, in general, outlooks are positive among cruise lines and travel agents alike.
“Like other travel and tourism sectors, we are seeing some fluctuations as people adjust to today’s macroeconomic and geopolitical environment,” said David Bernstein, chief financial officer, Carnival Corporation & plc during the company’s first quarter 2025 earnings call.
Nonetheless, Carnival recorded all-time highs in revenue and onboard spending during this period, and demand across the corporation’s portfolio is very strong. What’s more, the vast majority of Carnival’s 2025 voyages are already booked as of late March,
and it has achieved higher rates over last year on first quarter bookings made for the remainder of the year.
Viking is also standing strong. According to the company’s president and chief financial officer, Leah Talactac, 92% of its capacity has already been booked for this year.
“With 2025 now largely secured, our focus has shifted to 2026, where we have a solid foundation with more than 37% of our capacity already sold, positioning us well amid evolving macroeconomic conditions,” she said.
Tor Hagen, chairman and CEO of Viking, added that during the first quarter, the line has increased capacity by 14.9% while also delivering a 7.1% growth in net yield, “clear indicators of the robust demand for meaningful and enriching travel experiences
among our core demographic.”
Recent data also supports these positive outlooks. According to EY Global Media & Entertainment’s recent survey of 4,000 consumers across the U.S., Western Europe, Asia and the U.K., cruise spending has sustained high levels, with 61% of respondents who have cruised indicating they spent $1,000 or more on cruise vacations over the past year. Most of these cruisers
were Americans, and around half also purchased upgrades or premium options.
Cruise Lines International Association is projecting 37.7 million passengers in 2025 for a global economic impact of $168.6 billion per its State of the Cruise Industry Report 2025. Most importantly, the report also highlights that 79% of cruise travelers say “travel agents play a meaningful role in their decision to
cruise.”
Tracy Ryan-Bettencourt, cruise operations manager for the host agency Cadence, says she has little concern regarding the cruise industry this year,
beyond expecting mild caution among customers and a slight reduction in clients opting for upgrades.
“Normally, somebody who might be in a grand suite is maybe moving to a suite or a mini-suite, but [they’re] still going,” she said. “There's talk of hesitation, [but] I haven’t seen it yet.”
If anything, rates are going up. Ryan-Bettencourt gave the example of a client who could previously spend a certain amount of money for a big suite in 2023 and 2024 now being in a lesser category for the same amount. She is also seeing increased interest
in multigenerational and expedition cruising.
And according to Wendy Burk, founder and CEO of Cadence, the agency has not “seen a slowdown in our leisure division.”
If there is any hesitation among clients, it’s mainly destination-based due to regional violence, she said.
As for cruise lines, Burk says they’re doing a lot of deals currently, and the strategy appears to be working.
For instance, guests are booking further in advance than ever before, according to Carnival’s Bernstein.
“As of the end of [the first quarter of] 2025, our booking curve was the furthest out on record,” the executive said about higher-priced volumes for 2026 and beyond.
He expects momentum to continue thanks to the opening and eventual expansion of Celebration Key, as well as expansion at RelaxAway
Half Moon Cay.
“As we’ve seen in the past, our business demonstrates remarkable resilience because people prioritize taking their vacation — it's incredibly important to them,” Bernstein said. “When you factor in our compelling value proposition compared to land-based
vacations, cruising is an ideal choice for travelers looking to make their vacation dollars go as far as possible.”
