The last gasp of the post-Covid travel recovery is playing out on the high seas. Even as airlines, hotels and vacation rental companies raise alarms about a pullback in travel demand, consumers just keep spending on cruises.

Viking Holdings Ltd., which caters to affluent and older customers, this week said it generated about 7% more in net revenue from each passenger in the second quarter compared to the same period a year earlier. Viking has already sold 55% of its capacity for 2025 sailings, about a fifth more than it had filled for the 2024 season at this point last year. Pricing for advanced bookings for 2025 ocean cruises is up about 12% relative to this year’s reservations, while rates on river routes are about 7% more expensive. The last week of July was the highest-grossing period on record for Viking.