Aggregated credit and debit card transaction data compiled by Bank of America show that monthly cruise spending increased 15.8% year-over-year in April. That figure represents a rebound from March, when year-over-year growth in cruise spending registered 6.7%.
Measured sequentially, cruise spending in April declined 8.1% compared with March. That month-to-month reduction is reported as being above the 2023-2025 average sequential decline of 12.7%.
Bank of America’s data place April’s improvement in the context of softer demand seen in March, a period during which bookings slowed amid geopolitical uncertainty. The April results appear to be consistent with commentary from Royal Caribbean (NYSE:RCL), which said on its April 30 earnings call that bookings had 'turned the corner.' That company statement is noted as aligning with the aggregated card-spending trends reported by the bank.
Analysts and industry observers often look to consumer spending metrics as a near-term signal for travel demand. Bank of America reports that its aggregated cruise card-spending series has shown approximately a 75% correlation with industry net yields on a one-quarter lag dating back to 2008, with the pandemic period excluded from that calculation.
The data set and the stated correlation point to a measurable relationship between near-term card transactions and subsequent revenue metrics for the cruise industry, though the bank’s correlation excludes the pandemic years from the historical sample.
- Context: April year-over-year cruise spending rose 15.8%, following a 6.7% gain in March.
- Sequential trend: April spending fell 8.1% versus March, a decline reported as above the 2023-2025 average sequential decline of 12.7%.
- Corporate alignment: Royal Caribbean’s comment that bookings have 'turned the corner' on April 30 aligns with the Bank of America spending data.
This report is based on Bank of America’s aggregated credit and debit card data and the company commentary cited. The figures and correlations described reflect the metrics and time frames as reported by the bank, including the exclusion of the pandemic period from the correlation calculation.