Oceania Cruises customers are bookings sailings in the line’s latest Tropics and Exotics Collection using the interest from their savings.
Interest rates have risen sharply in the UK as the Bank of England tries to tackle soaring prices. The Bank increased rates to 3% at its November meeting and some analysts have suggested rates could hit 4.75% next year.
There have been eight consecutive interest rate increases since last December.
More: Interest rate rise fails to hit travel agency sales
Bernie Carter, senior vice-president and managing director, EMEA, explained there had been a “great response” to the Tropics and Exotics programme for 2024-25, even though bookings were “level” with the last programme launch in March.
Carter said: “Sadly, some are suffering more than others. Our customer base is interestingly using the interest on their savings to travel. If they have got cash savings, they could be earning [up to] 5%.”
He added: “So we’ve got one part of the market suffering but with interest rates at the level they are, another is opening up.”
Carter called those using interest payments to fund their cruise booking “resilient”.
Following the programme launch on November 2, Carter also reported how there had been “great demand” for longer voyages.
“I think the small ship product is appealing to the public,” he commented. “They are going on these amazing adventures. In the past people would link shorter voyages but now we have them as longer voyages.”