Going on a cruise used to feel like an affordable way to see the sights, relax and luxuriate on a big ship. Now, like everything else in 2023, that may not be the case, thanks to surging prices across the cruise industry.
According to a recent Reuters report, cruise vacations cost 15 to 20% less than a land vacation just before the pandemic hit in early 2020. And when the cruise industry reopened, even lower prices became the norm to lure tourists back into this style of group travel.
Now, with the increased cost of food, fuel, staffing, and well, everything, those discounts are no longer sustainable or even possible for key plays in the cruise industry, including Royal Caribbean, Norwegian and Carnival. All three major brands accrued billions in debt in 2020 and still have yet to pay it off. Factor in all the rising expenses and, yes, you'll see that added to your tab.
This December, the average price of a five-night Caribbean cruise will cost about $736 per person. According to data analyzed by Cruise Critic, a cruise review site owned by Tripadvisor, that's a 43% increase in fare compared to the same period in 2019.
Of course, the chilly holiday season is peak time for tropical cruising and family getaways, and there may be savings to be found for similar cruises in early 2024.
And if you have to fly to the port, be aware of increasing airfare prices across the country, which may put a damper on your vacation budget.
But still, now may be the time to book. CNBC reports that cruise fares may continue to rise in 2024, thanks to higher occupancy rates that can help drive prices higher during this time of surging fares.