<p>ABOARD THE NORWEGIAN PEARL -- The head of North America's largest chain of cruise-focused travel agencies says the financial turmoil of the past few weeks has resulted in a sharp slowdown in cruise bookings. </p><p>&quot;The last month has been very challenging for everybody,&quot; says Peter Thomson, chief operating officer of Minneapolis-based Cruise Holidays. &quot;On a year-over-year basis we're down in the double digits.&quot;</p><p>Thomson tells USA TODAY the company's 116 cruise-selling stores in the United States and Canada began experiencing a slowdown as far back as May, but the situation worsened significantly in the past month. </p><p>&quot;In the last few weeks cancellations are up by a third,&quot; he says. </p><p>Thomson spoke with USA TODAY this week during the company's annual convention, which is being held aboard the Norwegian Pearl as it sails in the Caribbean. He says he remains optimistic that the downturn is a temporary one, but it's severe enough that the company may end up with a down year after several years of rapid growth. </p><p>Last year, Cruise Holidays cruise consultants sold $200 million worth of trips. </p><p>&quot;The biggest concern is if this continues for a couple months,&quot; says Thomson. &quot;This is a pretty important buying season, and (if the downturn continues) it might be tough to hit that $200 million (level) based on the past few weeks.&quot;&nbsp; </p><p>Thomson notes the industry has seen other sharp dropoffs before and bounced back fast. &quot;The North American public is always very resilient. We saw it after 9/11 when (bookings) stopped for a while and then came back strong.&quot;</p><p>Thomson suspects uncertainty surrounding the soon-to-end election has played a role in the slowdown in bookings, and he expects business to improve after election day.</p><p>Another thing that could get bookings jumping again is discounts. Thomson notes cruise lines have been dropping prices -- in some cases significantly -- in recent weeks to get business flowing again. </p><p>&quot;It's a great time to be looking for a cruise,&quot; he says. </p>