You could do either... just a bit bigger, or a lot bigger... this is thirsty species and much less likely to rot from overpotting as some palms might. So a big pot would be fine, or one just a bit bigger.. .I have had a Majesty grow in the same pot until it split the pot apart with its roots and it was never obviously unhappy (though it was hardy to keep the roots wet after a while, so I just sat it in a pond for long periods of time).

I wouldnt pot it into too big of a pot because it might make the plant look small and it makes it hard to carry if you ever need to. But you should definitely repot it into a good pot that is larger than the previous one.

Good luck!