Royal Caribbean Group’s second quarter earnings call disclosed that onboard spending is driving strong revenue growth.
“So the incredible yield growth is driven by strong pricing and onboarding spend for both new and like-for-like hardware.” Despite the fact that it is still too early to give a specific forecast for next year, Chief Executive Officer Jason Liberty says the strong demand environment we are experiencing is quite encouraging.
As customers continue to shift their preference towards experiences over goods, we remain engaged and eager to provide them with memorable vacations.
Compared with 2019, the amount of money spent on “experiences” has increased 25 percent over the last few months. The amount spent on goods has also doubled.
According to Liberty, despite increased prices, “we are not seeing an impact on our demand from price increases.”.
The main reason for this was the company’s ability to be much more effective in curating the process of booking activities on the ship for customers.
We want to give our guests back a day the next time they come on our ships so that instead of them having to book their restaurants and spa appointments the day before, they can do it in advance.” Liberty concluded.
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