Has the global financial meltdown effected your cruise plans

[ghstudio]

Given that the world financial markets have all fallen significantly in the past few weeks, has it had any effect on your cruise plans?

[mcrcruiser]

It is not just the worlds financial markets ;but ,it is our own Wall Street & Main Street markets that are cratering . It is now expected for a very strong pull back in the US stock market .Perhaps even 50% - 70% drop from the highs . That surely will change to face of cruising imo:eek:

[pete_coach]

It is not so much the world financial market or Wall Street down turn, it is the fact the prices of cruises, especially Celebrity, have gone up tremendously.

All inclusive to some island somewhere will be high on my list of vacation selection from now on.

I love cruising but the price increases seem to be much higher than inflation or anything justifiable.

[parallax]

It depends where you are in life. I have around 20 years before I retire so I do not rely on my investments. They are paper loses to me, as was the case in 2008. Therefore, the current downturn has no impact on my ability to cruise. For others, that is not the case.

[2CatsInFlorida]

Retired and no change in cruise plans, unless cruise prices escalate or service declines. No reason to think the downturn will be very long, because of all the investment opportunities in self driving cars, hydrogen cars, drones and other tech projects. Of course, a dramatic shift to the political extreme in the new President and all bets are off.

[DrivesLikeMario]

Nope. Not a bit. Live life while you can! :)

[Tommy3putts]

Financial markets not so much. Turmoil in central and Eastern Europe has had more of an effect. We were looking at doing a Danube River cruise this summer but have postponed that until summer 2017 at the earliest.

[mcrcruiser]

The world is graying & retiring very fast .couple that with downturns in the world stock /bond markets & more cruise ships being built ,I predict that cruise prices will have to drop to fill ships ;which will be a pleasant thing for most of us ;)

[SAC69]

Just retired and the wife is two years out. 80% of my portfolio has been in bonds or cash for over a year now so no crash for us. I may not cruise as much due to the stiff increases but I won't be sitting at home either.;)

[AIROHS]

Retired Canadian here will take the wait and see attitude. 1 U.S. dollar is costing me $1.50 Can right now, ouch !!!!

[jagoffee]

Nope. Not a bit. Live life while you can! :)

 

What he said.

[ischeer]

Given that the world financial markets have all fallen significantly in the past few weeks, has it had any effect on your cruise plans?

 

In a word - NO

[Bruin Steve]

It's been the "down" part of a roller coaster ride for us lately...

But I also am confident that "what goes down comes back up"...

 

I retired a little over two years ago...still in my 50s...and the "plan" was to live off my wife's salary (a fraction of what mine was...and, eventually, when she retires in five or six years, from her retirement plus my Social Security) AND the interest/appreciation from our investments...We tried to estimate an expected "return" off of that investment pool....and to never touch our principal... Obviously, we have NOT met those estimations as of now...

 

But, still, I am confident that IN THE LONG RUN, we will be alright...

We took four cruises in 2015 and have two more booked as of now--March to the Caribbean, July to Europe...No way we go crazy and cancel either...Though it may effect, in a minor way, our plans for 2017--since we haven't booked anything as of yet...Likely, we are still cruising--but, maybe we'll book insides or OVs rather than balconies or suites--try to keep the costs down a little...

 

OTOH, thus far, we also haven't spent anywhere close to what we anticipated either...Our mortgage is paid off, our kids are out and, mostly, on their own...and I'm not commuting or wearing a lot of clothes that need to be dry cleaned...And our "plan" was to ALMOST duplicate our pre-retirement income (come within about $100,000 or so)--sort of forgot that, on our pre-retirement finances, we were actually putting away money...and paying off a mortgage and sending kids through college and grad school...

 

AND, now that I am retired, I really need something to look forward to...to plan...to fill my time. Give up cruising and I'd be even more bored than I am now (After putting in 35 years in high-level corporate legal and executive positions in large corporations, sitting at home and watching TV isn't exactly satisfying.

 

So, yes, we can "ride out" the financial turbulence...

 

OTOH, I also recognize that others aren't in the same financial position as I am. Some people have little in the way of investments--or are invested in low risk, low reward investments--or they are still working and base their budget on salary, not investments--so the market doesn't affect them much...and they, probably, won't change whatever they do...Other retirees have smaller amounts invested and really depend on stretching those out--so, for them, the ups and downs of the market, though the numbers may seem smaller, may really affect those folks...and, for them, taking a cruise really cuts into their principal...

 

So, I guess, what I am saying is it all comes down to a different effect on everyone...based on where they are in life, what investments they hold and where their income stream comes from...

 

In the end, it may be an opportunity for a lot of us...If a segment of the customer base stops cruising, the ships won't fill...and prices will drop...So...Stay tuned...

[spiritkat090909]

In a word... YES.

 

More often this last year... I see the eventual collapse/re-organization as something potentially so severe that I may not be able to cruise at all in the future, so I'm doing it now every chance I get. And that Israel port dream cruise is history. And we have no market exposure.

[MrsKNZ]

Nope. I set a base budget for our travel, and as long as what we want is achievable within that, I don't let the rest get to me. I've had to compromise (due to the crappy exchange rate) on a couple of things for our July Europe trip (slightly cheaper accommodation mostly), but not to a point where I feel I won't enjoy myself as much. We're both salary earners, have 30 years til retirement in NZ, no mortgage, no kids. Can't take it with us, so we're having fun!

[sooper]

With all the disasters in the world, I feel like it's armageddon. So I need to do more trips and enjoy myself before it's all over. :D

[barante]

The worst thing anyone can do in these circumstances is to panic. We have six cruises booked; three for this year, three for next. Included are: a TA via Iceland and Greenland, two Latin America cruises and one from Abu Dhabi to the Gulf and India.

 

Full speed ahead before the undertaker gets here.

Edited January 21, 2016 by barante

[cindy1957]

Keeping an eye on things and not going over budget. Did take advantage of $25 booking so have two on schedule for now.

[ghstudio]

We apparently have a non-typical group of cruise passengers here, or participating in this thread. From posts over the past few months, we seem to be suite heavy and mostly experienced cruisers.

 

When money becomes an issue, many, even if they are not actually effected, start to focus on discretionary expenses. Cruises are definitely discretionary expense. I believe that the current turn around in the financial markets which effects many retirement savings accounts (retired or not) is going to have a chilling effect on cruise lines bookings and actual cruises. The $25 deposit is a way to dodge the bullet on bookings, but there isn't much the cruise lines can do when final payment time comes....so "late" cancellations of those bookings is, to me, inevitable.

 

I expect a very difficult time for cruises in 4-6 months if the financial markets don't rebound significantly by then....and a great opportunity for those who are still willing to cruise, for a bargain price.

[GottaKnowWhen]

Given that the world financial markets have all fallen significantly in the past few weeks, has it had any effect on your cruise plans?

 

 

Yes. I suspect some will no longer cruise, and I will wait and take advantage of the lower prices that cruise lines will need to bring to the table.

[emileg]

Although of retirement age, fortunately we don't have to make any withdrawals from our 401k's, IRA's at this time. When I am forced to take out about 4% next year, I can reinvest the funds if I am still working. The silver lining is that I look for new investment opportunities when the market is low. In answer to your question, we have no plans to cancel any of the cruises we have booked now.

 

PS - We were were on the Millennium together for the 2013 Tet cruise from Singapore to Hong Kong and joined you for lunch at the buffet. Good conversation.

[DaKa2002]

We are both retired. Been through many market downturns since we started saving and investing beginning the 1970s. Three cruises in the next 12 months planned and budgeted - no sweat. After that, we are in a holding pattern for cruises, :( as cruising has continued to spiral upward in costs.

Our RV travels in U.S. and Canada will pick up slightly - visiting family and friends :) , until market turns upward significantly.

[ghstudio]

PS - We were were on the Millennium together for the 2013 Tet cruise from Singapore to Hong Kong and joined you for lunch at the buffet. Good conversation.

 

Yes...that was a great cruise. We're heading back for 28 more days in Asia in 2017.

[mcrcruiser]

The most impact on our economy is the unemployed of over 90 million people . Then there is 46 million on food stamps & 50 + million in poverty . Yes this is in the USA & not some foreign country . :eek:

 

The question begs how does a economy gain strength when there are so many citizens in trouble & our government will not lower corporate taxes to bring back the off shore Trillions ;which can be deployed for growth here in the USA ;which ultimately will put Americans back to work . When American work more tax ,Social Security & Medicare revenues would be collected .

All of the above contributes to a weaken economy at home . Add that weaken economy to extremely weak foreign economies & we have the beginning of a perfect storm . This is why oil is at historic lows of much lower demand in the world & the stock markets are cratering

 

Cruising is a luxury & when hard times come ,less people can cruise . It is the nature of this economic beast :eek:

[parallax]

I didn't realize we were in a great depression with an unemployment rate of 5%. How the economy operates is extremely complex and the belief the lowering the corporate tax rates is the panacea to all our problems is more a political talking point than an actual solution. Solutions of this nature need to be multifaceted and tax incentives can be part of the solution. The state of Kansas took this simplified view a couple of years and it has been an unmitigated disaster.