This report examines how consumers engage with loyalty programmes in a context shaped by disruptive technologies, changing priorities, and shifting expectations. It analyses what drives participation, how value is perceived and where current programmes fall short across key dimensions of loyalty. The findings highlight where businesses need to refine mechanics, improve relevance of rewards and adapt loyalty strategies to evolving behaviours to sustain meaningful engagement and retention.

The US/Israel-Iran war has delivered the steepest shock to global travel since the pandemic. Airspace closures, surging oil prices and shifting consumer behaviour are reshaping demand. Despite acute disruption, travel fundamentals remain resilient—consumers are adapting rather than retreating, redirecting spend toward regional alternatives and absorbing premium fare increases. Strategic recommendations demonstrate pathways for airlines, destinations and OTAs to sustain growth.

The 2026 Iran conflict marks the fourth major economic disruption to global consumer markets in under two decades. While each crisis originated differently, their impacts on consumer markets and behaviour reveal distinct patterns that are vital for mitigation planning. 

Travel spending proves resilient as consumers prioritise experiences despite poly-crisis pressures. This Euromonitor briefing reveals how geopolitical volatility reshapes flows towards intra-regional corridors while digital infrastructure becomes a competitive differentiator. Operators must build adaptive models for permanent volatility and reframe value through experiential outcomes.

The rise of Gen Alpha in Asia is redefining consumer behaviour, with a focus on ultra-convenience, digital integration, and health and wellbeing, creating opportunities for brands to innovate and capture a significant share of the region's growing consumer market, worth over USD10 trillion.

Spurred by macro uncertainty and the cross-pollination of clinical, illicit and wellbeing trends, transgressive wellness is prompting consumers to re-examine their relationships with emerging and taboo substances, disrupting existing consumption routines across FMCGs and rebalancing the USD3 trillion wellness industry.

Central to maintaining its global leadership in Hotels, Marriott’s global strategy is growth through opening more outlets and leveraging its Bonvoy loyalty platform to drive direct sales to its hotels. We will be exploring how Marriott is increasingly developing mid-market concepts and expanding through conversions. It is also gradually becoming less dependent on the North American market. Marriott is increasingly targeting specific traveller types including but not only outdoor lovers.

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.

This report bring together results from Euromonitor’s Voice of the Industry Survey, fielded in March and October 2025, which tracks sales performance and expectation, innovation initiatives, digital trends and technology investment. It highlights insights from industry professionals to understand short- and long-term business priorities and growth strategies.

Kenya’s travel industry continued to strengthen in 2025, supported by sustained government focus on tourism growth, policy reforms that eased mobility, and investment in connectivity and infrastructure. The introduction of the Electronic Travel Authorisation system simplified entry procedures, while expanded long-haul and regional air links improved access to Nairobi and coastal destinations. Marketing campaigns highlighting wildlife, culture, coastline, sports and MICE capability helped reposit

Despite mounting pressures from inflation, rising living costs, tariffs, talent shortages and overtourism, city destinations continue to demonstrate striking resilience. The sector is entering a pivotal new era, marked by ambitious infrastructure investment, rapid innovation and the widescale integration of AI across urban systems. These shifts are reshaping how cities compete, manage visitor flows and safeguard long-term sustainability, setting a new global benchmark for urban tourism’s future.

Global tourism is entering a new era defined by personalisation, purpose, regeneration and diversification. From AI-enabled travel experiences to sustainable growth models and multi-market connectivity, 2025 trends reveal how innovation, inclusion and intentionality are reshaping value creation and long-term competitiveness across the travel industry.

The global travel industry continues to evolve amid economic uncertainty, geopolitical shifts and climate pressures. Despite these challenges, the industry remains resilient, reaching USD2.9 trillion in 2025 as demand for authentic, wellness-driven and tech-enabled experiences rises. Digitalisation and sustainability are reshaping travellers' engagement, while premiumisation and affordability together unlock new avenues for growth and value creation.

Despite a challenging political and economic environment, travel in Mexico maintained positive momentum in 2025, reinforcing the trend observed in 2024 and strengthening the industry’s contribution to the national GDP. This dynamism was closely linked to the intense commercial exchange and mobility among the North American countries, a phenomenon directly influenced by the trade war and migratory tensions arising from actions taken by the Trump administration.

Travel in Ireland continued to perform well in 2025. Ireland’s appeal as a tourist destination lies in the unspoilt beauty of the landscape of the Emerald Isle, especially its wild Atlantic coastline. Ireland is also associated with its culture heritage and pub scene. A domestic tourism trend is a growing interest in experiential tourism, such as taking part in traditional arts crafts and music. In value sales terms, Ireland’s largest inbound market is the US. Visitors from the US and Canada ten

South Africa’s travel industry is recording further rises in 2025, reflecting a solid growth in both inbound and outbound tourism, renewed confidence in air connectivity and the consolidation of a more digital, purpose-driven travel ecosystem. Inbound arrivals continue to rise, buoyed by regional strength, long-haul recovery and South Africa’s strong value-for-money positioning amid a weaker rand. Neighbouring SADC markets Zimbabwe, Mozambique, Lesotho, Eswatini and Botswana remain the largest v

Despite rising value sales, in 2025, the Israeli travel industry continues to experience a significant downturn, primarily driven by the prolonged impact of the regional conflict that escalated in late 2023. The situation has recently been further exacerbated by the war with Iran, which has compounded the existing instability and profoundly disrupted international travel to the country, causing a decline in visitor numbers and pushing the industry back to its lowest performance levels since the

In 2025, Singapore is expected to see another year of strong growth in arrival value, although arrival volume will continue to lag behind. The weak performance in volume will be mainly influenced by Singapore’s primary source markets, China and Indonesia, where challenging domestic economic conditions are restricting purchasing power for outbound travel, especially to high-end destinations like Singapore.

Croatia’s travel industry recorded moderate growth in 2025, maintaining the positive trajectory of the previous year but at a slower pace. Inbound tourism remained the main growth driver, supported by efforts to position Croatia as a year-round destination and reduce dependence on peak-season coastal tourism. The government and tourism boards intensified initiatives to extend the tourist season, expanding air connectivity beyond the summer months, investing in off-season cultural and wellness ev

Travel in Bulgaria is expected to continue expanding in current value terms in 2025, although at a more moderate pace compared to the strong post-COVID rebound seen earlier in the review period. Growth is being supported by rising inbound tourism, driven by the rising perception of the country as a more cost-effective alternative to more established destinations such as Greece or Spain. Indeed, despite gradual price increases and higher wage costs within the hospitality sector, Bulgaria continue

Travel in Slovakia is expected to continue expanding in terms of both number of trips and current value in 2025, albeit at a slightly slower pace than in the previous year. Recently introduced macroeconomic measures aimed at reducing public spending and national debt have contributed to higher inflation and weaker consumer purchasing power, limiting some households’ ability to indulge in leisure activities. Although VAT for restaurants and hotels was reduced to 5% from 1 January 2025, consumers

Travel in Hungary is maintaining positive growth in 2025, supported by a surge in both international and domestic tourism, lodging infrastructure investments, and evolving consumer preferences.

In 2025, India’s travel industry continues to evolve amid economic challenges and shifting traveller preferences. While inbound tourism has slowed, domestic and outbound segments have shown resilience, supported by rising demand for experiential and affordable travel.

In 2025, travel in Poland recorded steady growth across both inbound and outbound segments, though momentum moderated following the strong post-pandemic rebound of 2023-2024. Inbound arrivals almost fully recovered to pre-pandemic levels, led by travellers from Germany and Ukraine, which together accounted for over half of all inbound trips. Poland’s ongoing support for Ukrainian refugees under the Temporary Protection Directive continued to sustain high inflows from Ukraine, although regional i