The State of Online Travel 2025
In the post-pandemic environment, volatility returns: not from viruses, but from economic headwinds and disruption of the current distribution landscape. In 2025, the winners will be those who adapt quickly to a more fragmented, tech-driven landscape.
Report Overview
This report provides a comprehensive analysis of the state of online travel in 2025, beginning with a look at the financial performance of major online travel agencies (or OTAs) Booking and Expedia from 2019 to 2024. It then explores how OTAs may fare in the face of a potential U.S. recession in 2025, compared to performance in the 2008/09 financial crisis, while accounting for today's more fragmented landscape. Finally, the report examines other emerging themes such as the growing influence of generative AI and social commerce in travel. We highlight how these trends are reshaping travel discovery and consumer behavior.
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