Cruise: Getting a little suite-er (July Bernstein price tracker)

Research evidence excerpt

Cruise: Getting a little suite-er (July Bernstein price tracker)

14 July 2026

Estimate Change

Global Hotels & Leisure

As we roll into summer, cruise pricing has continued its slow recovery after a big step back Richard J. Clarke, FCA

+44 20 7676 6850 in YoY pricing in March (following the start of the conflict in the Middle East). At a group level

richard.clarke@bernsteinsg.com RCL prices were flat - the first month not to see YoY declines since March, albeit helped

along by mix, with LfL pricing still down YoY. However, the key message remains a clear

Niall Mitchelson bifurcation in demand - high-end demand strength at the ‘Celebrity’ brand saw prices

+44 20 7676 7144

niall.mitchelson@bernsteinsg.com again outpace the mainstream ‘Royal Caribbean’ brand materially, up >10% at Celebrity,

while down ~5% at Royal; the K-Shape is well and truly alive in cruise. However, the Royal

Lasith Siriwardana brand did continue to improve sequentially in July (after HSD declines during March-May).

+44 20 7550 2191 Regionally another month of sequential improvement across both brands in Europe saw

lasith.siriwardana@bernsteinsg.com

prices tip into positive territory for the first time in the region since the beginning of the

conflict, but pricing in the Caribbean remained slightly negative. Looking forward, RCL and

NCLH which next to report (26Q2) in late July–we expect robust Q2 yield performance

to be more than offset by continued pressure on Q3 / FY yield guidance given through-

quarter pricing trends.

July data flat YoY, but high-end momentum continues. RCL pricing was flat in July,

another sequential improvement, and the first month to not see pricing decline since the

beginning of the ME conflict (albeit LfL pricing remains down). However, performance