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.

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.

However, he pointed out that since November 2, when the programme went on sale, the line’s UK and Ireland team had noticed how some customers were paying for their cruises.

Carter said: “The one thing that I can take from this is everybody is threatening to tighten their belts.

“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 we’re opening up another part of the market.”

Carter called those using interest payments to fund their cruise booking “resilient”.

Following the programme launch, 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.”