When looking at cruise prices it can be difficult to decide when to book. As a travel agent, one of the most common questions I get is, “Will cruise prices go down?”
The short answer is sometimes, yes - but it's not always easy to predict if and when.
Let’s break down the key factors that can affect cruise prices, so you can plan your holiday with confidence and maybe score a great deal!
As a short answer, cruise prices are usually the cheapest furthest from the sailing date when first launched or 60-90 days before the cruise sets sail. But of course, it's not always as simple as that.
Wave Season: The Best Time to Book?
If you’re looking for cruise deals, Wave Season is a term you’ll want to remember. It typically runs from January to the end of March, and this is when cruise lines offer some of their best deals of the year. Whether you’re after a budget-friendly escape or something a bit more luxurious, this is often the best time to get in early and secure your spot at a lower rate.
During Wave Season, cruise lines are keen to fill cabins, so they’ll often offer perks like free onboard spending, cabin upgrades, or discounted excursions. If you know you want to cruise within the next year or two, this can be an excellent time to book.
Special Deals: Are they Worth Holding Out For?
Most cruise lines will regularly have special offers throughout the year when they offer free flights, money off the second person or children or some other discount. There are also extra perks on offer, such as ridiculously low deposits, free dining or cabin upgrades or extra on-board credit for some cruise lines.
Different cruise lines have different offers on at different times of the year. September is the month when most of these happen (but not all) and so is often the month I book the most cruises for clients throughout the year. September is a great time to get in touch with me to get a well priced cruise.
Last-Minute Price Drops: the good to Bad and the Ugly
Another potential way to save is by waiting for prices to drop closer to the departure date. The prices of some cruises will go down last minute – but this doesn’t always happen.
Generally, cruise lines may drop prices around 60–90 days before departure if there are still cabins available. If you’re flexible on your dates and don’t mind waiting, this can be a strategy for snagging a deal.
While booking late can offer some savings, it’s not without its risks. It’s important to remember that this method works best if you’re happy with an inside cabin and/or are not fussed about cabin location. Prime cabins—like suites or those with the best views—are less likely to see last-minute discounts, as these tend to book up early. The cabins that are left are often the ones above the all-night karaoke for example!
As well as your choice of cabin being limited, the most desirable excursions or dining experiences may already be sold out. If you’ve got a specific type of cruise in mind or certain activities you don’t want to miss, booking earlier is definitely the better option for securing what you want.
Or, annoyingly, if the cruise is selling well, the cruise line may actually increase the cost at the last minute instead of it going down. It's all down to that 'dynamic pricing' we all found out more about with the Oasis reunion debacle.
Kerry's top tip: Cruisewatch: My handy service for Cruise deal Spotting
To help you find the best prices, I offer a free service called Cruisewatch. If you tell me what specific cruise you want, or some parameters, I will track cruise prices for you and let you know if the price drops for you.
That way, you won’t have to constantly monitor prices - I do it for you!
What HAPPENS if prices drop after I have booked?
In some cases, if the price drops after you’ve already booked, cruise lines may offer onboard credits or other perks, especially if you’re working with a lovely travel agent like me! I always keep an eye on prices for the cruises I have booked for my clients and let them know if they could benefit from these extras. It’s a great way to ensure you don’t miss out on any potential extras.
Despite what you might have read online, in the UK you generally won't be entitled to a refund if you book a cruise and then the price goes down. This is true in the US, but not the UK. In the UK you pay a deposit to secure your cruise and in order to get the lower price, you would have to cancel and rebook. While sometimes this is worth doing, it means a careful weighing up of the pros and cons. I can help you with this if you find yourself in this position.
The 2024 Outlook: Will Prices Keep Rising?
While it’s always tempting to wait for a better deal, some reports, such as from CNBC, suggest that cruise fares may continue to rise in 2024. With higher occupancy rates, cruise lines have less incentive to offer steep discounts, so waiting for prices to drop might not always pay off, especially as demand for cruises rise year on year.
The Bottom Line: Book Early for Peace of Mind
In the end, predicting cruise prices is a bit like trying to predict the weather - possible, but tricky! While prices can drop closer to departure, waiting too long could mean missing out on your preferred cabin or paying more as prices rise.
In general, the price when the cruise itineraries are first released is the cheapest that they’ll be. For the best balance of cost, cabin choice, and experience, my advice is to book early, especially if you’ve got your heart set on a specific cruise or destination. Not only will you lock in your preferred cabin and itinerary, but you’ll also have time to plan the rest of your holiday, from excursions to dining options.
Kerry's Top Tip: If you look to book a new ship that is not yet built you can sometimes get incredibly cheap cruises. Maiden voyages are often cheaper because the ship may still be working out some issues and training the crew. It's worth considering if this will annoy you or be worth the trade-off for a cheaper price.
And don’t forget, my service Cruisewatch will keep an eye on prices for you, giving you peace of mind that you’re getting the best possible deal.
Happy cruising!
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