Amid uneven recovery, cost pressures and shifting traveller behaviour, the global travel industry is moving from volume-led growth to value optimisation. Airlines are scaling through network control and premiumisation, lodging growth is concentrating in premium and flexible formats, and intermediaries are evolving into platform-led demand engines. This report examines how pricing discipline, ecosystem control and local execution are redefining competitive advantage across travel.
Delivery
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Key findings
Airlines are scaling through network control, not capacity
Airlines are prioritising hub-centric networks, fleet efficiency and premium mix over indiscriminate capacity growth, using connectivity, sixth-freedom traffic and partnerships to defend yields and expand reach selectively.
Lodging value growth is concentrating in premium and flexible formats
Global lodging growth is led by luxury, upscale and flexible stay models, while budget and unrated hotels face margin pressure, highlighting a structural shift from volume-led expansion to pricing power and portfolio optimisation.
Intermediaries are evolving into platform-led demand engines
Leading intermediaries are moving beyond transactional bookings towards integrated platforms, using AI, personalisation and ecosystem depth to convert fragmented traveller intent into repeat engagement and higher value per trip.
Growth is shifting from volume recovery to value optimisation
Across airlines, lodging and intermediaries, competitive advantage increasingly comes from yield management, pricing discipline and ancillary monetisation, as scale alone is no longer sufficient to sustain profitable growth.
Local execution is becoming critical within global models
Winning strategies combine global platforms and brands with deep local adaptation, as regionally embedded intermediaries, hub-based airlines and market-specific hotel portfolios outperform through local payments, partnerships and traveller behaviours.
Key findings
US carriers lead global airlines sales
Global airlines value growth stabilises as networks, yield and hubs drive performance
Airline competition diverges as scale, partnerships and state backing reshape markets
Airline power is rebalancing as hub-led carriers climb the global rankings
Key strategies in the airlines market
Yield-led growth and value-based segmentation reshape airline economics
Airlines monetise demand through segmentation and high-value products
Technology as an execution layer accelerates airline competitiveness
Technology supports growth without friction
Hub-centric network scaling captures global demand flows
Sustainability is becoming a licence to operate and scale
Airbnb leads global lodging sales
Global lodging value growth reflects structurally stronger demand and pricing power
Pricing discipline and ADR growth underpin lodging profitability
Lodging performance polarises as growth and value concentrate in distinct tiers
Competitive dynamics diverge as scale consolidates unevenly across regions
Lodging strategies diverge as developed and emerging markets follow distinct paths
Balancing flagship power with portfolio depth becomes a competitive advantage
Direct platforms drive profitability while intermediaries power global scale
Leading companies consolidate position through scale, brands and geography
Key strategies in the lodging market
Lodging portfolios continue to expand into flexible and segmented formats as demand diverges
Direct booking and loyalty ecosystems are becoming central to growth strategies
Global lodging leaders adapt portfolios and distribution to changing demand
Booking Holdings, Trip.com, and Expedia dominate global travel intermediaries
Travel intermediaries scale on value, service depth and digital reach
Short-term rentals continue to scale online, with intermediaries capturing the bulk of value
Key strategies in the travel intermediaries market
Intermediaries broaden growth beyond core travel categories
Integrated platforms redefine demand capture
AI operationalises platform-led conversion and loyalty
Traveloka leverages integrated platforms to drive loyalty and seamless conversion
Recommendations for growth
Projected company sales: FAQs
Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
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