Americans aren’t letting rising travel costs stop them from taking cruise vacations. Spending on cruises is increasing, and the industry is preparing for another record year. But travelers hunting for an affordable getaway may need to look beyond the most popular cruise operators. New research from Bank of America and UBS reveals divides among Carnival, Royal Caribbean, and Norwegian Cruise Line as they compete for vacationers planning trips in 2027. While some operators are reporting record bookings and stronger pricing, Norwegian is offering more aggressive promotions to attract passengers, according to an October 19 UBS report based on conversations with a major U.S. cruise seller. The difference suggests that even if cruise demand surges, travelers may still be able to save. Americans are spending more on cruises despite rising costs Bank of America’s October report found that cruise spending on its aggregated credit and debit cards increased 17.1% year over year in September 2026, following gains of 17% in July and 14.1% in August. The figures measure card spending, not ticket prices or passenger numbers. More Travel: “The Traitors” has luxury travelers flocking to castles all over the UK Costco brings back Disneyland ticket deal that could save hundreds Another travel agency shuts down after 19 years Meanwhile, the American Automobile Association (AAA) projects that a record 22.4 million Americans will take ocean cruises in 2027, up 3.6% from 2026 and 57% from 2019. The growth marks a dramatic reversal from the pandemic, when cruise operations were suspended and several companies struggled to survive. Royal Caribbean’s revenue plunged nearly 80% in 2020, while smaller operators such as Pullmantur entered insolvency proceedings. Now, convenience and value are helping bring travelers back. Cruises typically bundle accommodations, standard meals, and entertainment into one fare, making vacation expenses more predictable than booking each component separately. The UBS report cited an unnamed executive at a major U.S. cruise seller who estimated that family cruises can cost 15% to 20% less than comparable land-based vacations, particularly when travelers can drive to departure ports rather than pay for airfare. Cruising is also appealing to different kinds of travelers. According to AAA’s cruise research, nearly half of U.S. passengers travel as couples, 20% cruise with children, and 7% travel solo. Meanwhile, the Cruise Lines International Association reported that 35% of global cruise passengers in 2025 traveled with two generations, while 24% traveled with three or more. Shorter vacations are also gaining popularity. AAA found that 45% of American ocean cruise passengers booked trips lasting six nights or fewer in 2025, compared with 39% in 2019. Norwegian Cruise line is doubling up on offers to attract customers. Wayleebird / Getty Images Norwegian Cruise Line offers bigger deals as rivals report strong bookings Despite growing demand, not every cruise operator is benefiting equally. According to UBS, Norwegian Cruise Line has been offering unusually aggressive promotions for 2027 sailings compared with its competitors, helping increase booking volumes. Norwegian offered advertising discounts of up to $750 per stateroom on eligible cruises booked between Oct. 16 and Oct. 22, 2026. It is also promoting its Free at Sea package, which bundles premium beverages, specialty dining, Wi-Fi, and shore excursion credits with eligible bookings. The offer includes a $50 excursion credit for the first guest at each eligible port, although package charges and restrictions apply. However, the company’s official promotion terms show that the maximum savings apply only to qualifying premium accommodations. For example, a four- or five-night cruise offers $50 off an eligible balcony cabin, while savings can reach $750 for a qualifying sailing of at least 10 nights in The Haven, Norwegian’s luxury accommodation category. The promotional push follows challenges acknowledged in Norwegian Cruise Line Holdings’ second-quarter earnings report, in which the company cited difficulties in generating demand at its flagship brand. Bank of America forecasts Norwegian’s fourth-quarter net yields, a measure of revenue generated per unit of passenger capacity, will decline 5.7% from a year earlier. It compares with a projected 4.8% increase for Royal Caribbean. However, Norwegian’s outlook has also improved recently. In a Sept. 30 SEC filing, the company said it expected third-quarter results to exceed previous guidance due to stronger revenue. Carnival and Royal Caribbean see record bookings The picture looks different at Carnival and Royal Caribbean. In its Sept. 29 earnings report, Carnival said 2027 booked occupancy and pricing were at record levels. Customer deposits also reached $7.6 billion, approximately 7% higher than the previous year’s record. As TheStreet previously reported, Carnival’s strong booking position could make waiting for last-minute deals risky. Royal Caribbean also reported record prices and strong reservation volumes in its second-quarter results. Meanwhile, UBS found particularly strong demand for Alaska and Northern European cruises in 2027, suggesting popular summer itineraries could face greater competition for cabins. Operators are also investing in new attractions to win travelers’ loyalty: Norwegian has added a water park at Great Stirrup Cay Carnival is developing Celebration Key Disney Cruise Line is expanding its fleet and departure options, including future cruises from Japan and New York. With Carnival, Royal Caribbean, and Norwegian pursuing different pricing strategies, finding the best value may depend less on the industry’s overall popularity and more on when, where, and with whom travelers choose to sail. Booking early may provide more cabin choices, particularly for popular destinations. However, flexible travelers could benefit from comparing competing operators, sailing dates, and promotional packages. Related: Bath & Body Works makes a big move for the holidays
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