Europe and Luxury Cruises Dominate Early 2026 "Wave Season"

Data released by Travel Weekly and major agencies shows that the 2026 "Wave Season"—the industry's critical early-year booking period—is being dominated by high-end consumers and a massive surge in demand for European itineraries.

Holland America Line reported that its Europe bookings for 2026 have increased by more than one-third compared to last year. This trend suggests that while the Caribbean remains the volume leader, the "wealthy consumer" is increasingly looking toward the Mediterranean and Northern Europe for their 2026 vacations.

Analysts at Truist Securities attribute this shift to two primary factors: significantly lower transoceanic airfares compared to the post-pandemic peaks of 2024 and a resilient "high-end" customer segment. Unlike the budget-conscious traveler currently facing domestic airline instability, premium and luxury cruise passengers are showing a willingness to spend more on upgraded suites and exclusive land excursions. This has given cruise lines unprecedented pricing power in the European market, where demand is currently outstripping the supply of top-tier cabins.

The "booking curve"—the amount of time between booking and sailing—is also lengthening significantly in 2026. Signature Travel Network reports that travelers are now committing to 2027 expeditions and world cruises nearly two years in advance to secure specific cabin categories and early-bird value. This "early commitment" trend is a win for cruise lines, providing them with a more predictable revenue stream and allowing them to reduce aggressive promotional activity as ships fill up faster than in previous cycles.

Royal Caribbean Group CEO Jason Liberty noted today that the company is already "two-thirds booked" for the entirety of 2026, a record-breaking start to the year. This high occupancy is being fueled by a consumer base that feels "financially secure" and continues to prioritize experiential travel over luxury goods. For the 2026 traveler, this means that "last-minute deals" are becoming a thing of the past, as the best ships and most desirable routes are being snatched up by those planning 12 to 18 months ahead.

Interestingly, Cruise Planners reports that for the first time in several years, Europe is actually outperforming the Caribbean in terms of total revenue growth. This is partly due to the arrival of new, ultra-luxury vessels from brands like Explora Journeys and Ritz-Carlton, which are drawing a younger, "new-to-cruise" affluent demographic. These travelers are less interested in "mega-ship" amenities and more focused on "curated immersion" in ports like Menorca, Menemsha, and the Greek Isles.

As the industry moves through February, the message for the 2026 traveler is clear: the "value proposition" of cruising has never been stronger, but the window for choice is closing rapidly. With 40% of consumers planning to increase their leisure travel spending this year, the competition for the best staterooms is fierce. Whether it’s a river cruise through the Douro Valley or a luxury yacht experience in the Adriatic, the 2026 season is shaping up to be the "Year of Europe" for the global cruising elite.