Carnival Says All Signs Point To Robust Cruise Demand Continuing

By Redd Brown

Mar 21, 2025(Bloomberg) —Carnival Corp. sees no signs cruise demand is waning despite worrying signs across the travel industry that consumers are pulling back.

Chief Executive Officer Josh Weinstein batted away any attempts to tease out signs of weakening demand during a call with analysts following the company’s first quarter results.

So far, none of Carnival’s brands are experiencing a slowdown, while consumers have continued strong onboard spending in the first few weeks of March, Weinstein said. Meanwhile consumers aren’t opting for cheaper options either.

“As far as trading down within cruises, there’s nothing that we see,” he said.

Cruise stocks reversed earlier losses after Carnival’s call. The Miami-based company turned positive in late-morning trading New York after falling more than 6% earlier. Royal Caribbean Cruises Ltd. and Norwegian Cruise Line Holdings staged similar comebacks. 

With 80% of its rooms booked this year, Carnival appears insulated from softening travel demand that has been weighing on airlines and others in the industry. Carnival is booking trips for 2026 at record levels, similar to what Norwegian said last month.

When asked if there had been any change in the pace of bookings or spending on ships since those warnings flashed, Weinstein said “the short answer is no.”

“We are different from airlines,” he continued. “In good times and bad times, people take vacations.”

First-quarter earnings were 13 cents per share, beating expectations for 2 cents, driven largely by consumers booking trips close to departure and spending more onboard. Carnival raised its full year outlook as a result, and Weinstein left the door open to further hikes. 

“Just to be clear, if our onboard spending remains strong and our close-in demand remains real strong”, then it’s possible to raise forecasts later this year, he said. 

© 2025 Bloomberg L.P.

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