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.
Delivery
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Key findings
Shifting priorities reinforce the focus on sustainable value creation
Travel bookings reached USD2.9 trillion in 2025, with growth moderating after the post-pandemic surge. Real demand remains resilient, led by Asia Pacific and the Middle East. Experiences, cruises and surface travel fuel value gains as the industry pivots from volume expansion towards more balanced, sustainable and profitability-driven growth.
Fragmented regional performance redefines global competitiveness
Regional growth is diverging as affordability and sustainability reshape demand. Asia Pacific leads value creation, while mature markets stabilise around loyalty and purpose. Emerging destinations in the Middle East, Africa and Eastern Europe are gaining share through investment and policy reform.
Intensifying competition reshapes the balance between global and local players
Competition across the travel landscape is intensifying as global intermediaries strengthen omnichannel ecosystems and regional players expand through partnerships. Global giants are scaling through integration and loyalty innovation, while local champions succeed through agility, authenticity and market responsiveness. The competitive balance is shifting towards players that combine global reach with local relevance.
Technology is transforming the travel value chain
AI is evolving from a personalisation tool into the intelligent backbone of modern travel. It drives predictive demand modelling, dynamic pricing and sustainability analytics, enabling operators to anticipate shifts and optimise resources. Companies embedding AI across planning, loyalty and customer experience are set to lead in efficiency, trust and travellers' engagement.
Digitalisation and omnichannel strategies anchor future growth
Digital travel sales continue to accelerate as mobile-first consumers seek convenience, transparency and rewards. The divide between direct and intermediary channels is narrowing as loyalty ecosystems and data integration redefine the booking journey. Future success will hinge on mastering omnichannel engagement, blending platform reach with direct supplier control to enhance customer lifetime value.
Our expert’s view of Travel in 2025
Travel booking sales snapshot
Key findings
Digital, personalised and experience-led travel defines the next growth era
Top five trends in Travel
Top five trends uncovered
Drivers of consumer markets and impact on Travel
Wellness, premiumisation and fintech converge to elevate travellers’ journeys
Travel’s post-pandemic rebound evolves into a purpose-led transformation
Mature markets sustain high spend as regional growth diversifies towards experiences
Air, lodging and experience-led growth take regional shape
Rising regional divergence highlights where and how to play across travel categories
Fragmented travel behaviours demand more tailored, experience-led strategies across regions
Travel remains a top priority as consumers rebalance budgets across categories
De stinations serving both value and premium travellers unlock new growth opportunities
Global giants continue to dominate, but the growth is shifting
Emerging players fuel growth as localisation, payments and super-app strategies drive scale
Fragmentation deepens across regions, redefining competitive strategies
Innovation reimagined: Super-apps and localised ecosystems redefine travel engagement
Online travel bookings dominate, but growth varies across regions and categories
Online travel growth concentrates in digital powerhouse markets
AI adoption is redefining how intermediaries plan, package and personalise travel
Global travel bookings set to stabilise at historic highs through 2030
China and US to dominate travel growth, while emerging markets gain ground
Industry Forecast Model driver effects: China’s outbound travel becomes income-driven
Region by category forecast: Asia Pacific set to drive the next phase of global travel growth
Region by category forecast: Australasia travel market stabilises amid price pressures
Region by category forecast: Eastern Europe’s travel recovery led by lodging and air travel
Region by category forecast: Lodging and air travel lead Latin America’s growth
Region by category forecast: Diversification boosts Middle East and Africa’s travel growth
Region by category forecast: AI and personalisation in North America redefine bookings
Region by category forecast: Affordability, sustainability and AI reshape demand in Western Europe
Travel bookings sustained by innovation, diversification and shifting consumer values
Opportunities for growth
Our expert’s view of Travel to 2030
Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
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