Leisure Consumer Space Analysis - Bank of America Securities provided a cross-sector analysis of the leisure consumer space, highlighting that while performance trends vary by category, segments like cruises and premium travel are showing steady performance, while value-focused areas are experiencing weakness [1] - In the lodging sector, aggregated credit and debit card data for April indicated a 3% year-over-year decline in spending, consistent with March figures [1] Las Vegas Room Rates - The Las Vegas room rate survey indicated a weakness, with forward rates down 11% [2] Hotel Performance Insights - Analysts noted that Bank of America's card data skews towards leisure spending, aligning with comments from Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, and Marriott International, all of which reported softer low-end RevPAR trends [3] Ski Industry Performance - Vail Resorts reported a 3% drop in ski visits this season, underperforming the overall industry, which saw a 2% increase [4] - Despite a decline in the number of passes sold, total dollars collected are up through April 20, with Memorial Day being a key trigger for pass sales, although an increase in web traffic has not yet been observed [5] Cruise Industry Trends - Spending in the cruise segment has slowed from strong double-digit growth late last year to flat year-over-year in April, attributed to economic uncertainty and the timing of Easter [5][6] - Norwegian Cruise Line Holdings flagged a slowdown in booking activity, particularly for longer European sailings, while Royal Caribbean Cruises maintained its full-year 2025 net yield guidance unchanged [6] - Overall, cruise operators remain well booked for 2025 and have time to secure additional bookings for 2026 as the year progresses [7]