Cruise Demand Trends

Northcoast Research is an independent investment research firm located in Cleveland, OH, and we conduct monthly surveys of travel agents in order to better understand demand trends in the cruise vacation market. Accordingly, we were hoping you could take a few moments to confidentially answer some brief questions regarding recent business trends and your views on the cruise industry. Any and all responses will remain confidential, and will be used solely to help us better understand current and future demand trends in the industry. Following the conclusion of the survey, we will email you the detailed results if you choose to receive them by leaving your email at the end of the survey. We greatly appreciate your time and insights!

It is Northcoast Research policy to not solicit any confidential or material, nonpublic information. Material, nonpublic information is information that has not bee released to the general public and would be considered relevant when considering to buy, hold, or sell a security. By continuing, you agree that you will not provide any confidential or material, nonpublic information while completing this survey.

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* 1. Did your December 2025 ocean cruise bookings track ahead of, in-line, or below December 2024?

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* 2. If you sell river cruises, did your December 2025 bookings track ahead of, in-line, or below December 2024?

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* 3. What do you believe was the biggest positive driver to cruise demand during December 2025? Please list as many items as you would like. If none, simply type "N/A."

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* 4. What do you believe was the biggest negative driver to cruise demand during December 2025? Please list as many items as you would like. If none, simply type "N/A."

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* 5. During December 2025, did you see more or less customers purchase tours, spa, excursions, on-board packages, etc. prior to their sailing compared to December 2024?

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* 6. During December 2024, did you see any increase in customers cancelling their cruise vacations prior to sailing compared to December 2024?

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* 7. On average, how many months in advance are customers purchasing their cruise prior to sailing? (i.e., the booking window)

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* 8. Which cruise lines did you see the strongest booking trends for during December 2025? (Please select as many as you would like. If none, simply check the N/A box).

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* 9. Which itineraries did you see the strongest booking trends for during December 2025? (Please select as many as you would like. If none, simply check the N/A box).

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* 10. What is your outlook for the cruise industry over the next 12 and 24 months?

  Extremely Positive Positive Neutral Negative Extremely Negative
Next 12 Months
Next 24 Months

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* 11. Are there any other notable items during December that positively or negatively impacted your cruise bookings, or any other notable cruise industry news you would like to share? (i.e., Celebration Key, Star Princess, Celebrity Xcel, Black Friday/Cyber Monday cruise deals/discounts, etc.) We greatly value your feedback! (If none, simply type "N/A."

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