Travel in 2025: The Big Picture
2025 has been a bruising year for travel in the US, marked by tariff battles, immigration crackdowns, and political rhetoric that discouraged many global travellers. For the first time since the pandemic years, inbound arrivals into the US is set to fall - a clear stumble in the momentum the industry had been riding. Canadian boycotts have been particularly damaging. With Canada historically accounting for nearly one-third of all inbound travel, the downturn has carried consequences for the broader industry. Inbound flows remain the single most important input for the US travel market, and when they falter, the reverberations are felt globally.
Airlines: Key trends
Retail value sales of airlines are set to increase slightly in current terms in the US in 2025. It has been a difficult year for airlines in the US, with demand weakening across both domestic and inbound routes. National carriers have struggled to offset losses as inbound travel has slowed for the first time since the pandemic years, weighed down by political tensions, tariff battles, and safety concerns that have deterred international visitors. Low-cost carriers have been particularly exposed as weaker demand from lower-income travellers has dampened sales. Outbound travel, however, has provided some relief, with higher-income US consumers continuing to prioritise international trips as a necessity. Business travel has also helped to mitigate losses, rebounding faster than expected as corporate budgets have loosened and online intermediaries have expanded B2B supply and products.
Hotels: Key trends
Retail value sales of hotels are expected to rise in current terms in the US in 2025. Following moderate growth in 2024, expectations were high for continued expansion, but the hotel industry has faced headwinds in 2025. Persistent inflation, elevated interest rates, and the policy environment under President Donald Trump - including widespread tariffs – have dampened both domestic and inbound demand. Many middle- and lower-income travellers have shortened or skipped trips, while inbound international visitors have slowed due to political uncertainty and immigration challenges. Despite these pressures, the category is managing to see growth, largely sustained by average daily rates (ADRs) that remain well above pre-pandemic levels. Performance has diverged sharply by tier: upscale and luxury hotels are outperforming mid-market and economy chains, reflecting the resilience of wealthier Americans who continue to prioritise travel even in tighter economic conditions.
Booking: Key trends
Retail value sales of booking are expected to rise in current terms in the US in 2025. While booking is set to grow, momentum has been uneven. Business and leisure segments are both expanding, with business travel once again outpacing leisure. That said, US growth has slowed due to weaker inbound flows and cautious consumers booking closer to departure, a trend that is reshaping pricing strategies and platform agility across the industry.
What next for travel?
The travel industry heads into the forecast period with cautious optimism on the back of a difficult 2025. Growth is expected across airlines, lodging, and booking, but the shape of that growth will be uneven. Major events like the 2026 FIFA World Cup will act as short-term catalysts for inbound tourism, while long-term dynamics will be defined by income polarisation, the rise of AI-driven personalisation, and an intensifying push towards premium and experiential travel. Companies that can balance agility with loyalty, and global scale with local relevance, will emerge strongest.
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Overview:
Understand the latest market trends and future growth opportunities for the Travel industry in USA with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
- Tourism Flows
- Airlines
- Car Rental (Destination)
- Lodging
- Online Travel Sales and Intermediaries
If you're in the Travel industry in USA, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Travel in USA report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Travel in USA?
- Which are the leading companies in Travel in USA?
- How are companies responding to the impact of COVID-19 and accordant travel restrictions?
- How severe is the scale of the damage?
- Which travel sectors are proving the most resilient?
- How soon can recovery be expected?
- What are companies doing to innovate and future-proof against the crisis?
Travel in the US
Travel in 2025: The Big Picture
Airlines: Key trends
Hotels: Key trends
Booking: Key trends
What next for travel?
DISCLAIMER
Tourism Flows in the US
KEY DATA FINDINGS
Politics at the border: slow US inbound travel in 2025
Outbound travel defies economic and political headwinds
2026 FIFA World Cup to be a catalyst for US inbound growth
Outbound on the rise: Americans keep travelling, even amid global tensions
Airlines in the US
KEY DATA FINDINGS
Softened demand dampens 2025 expectations for airlines
Delta remains largest US airline, but United is gaining ground
Economic uncertainty and plane shortage put future airline growth at risk
Airlines pursue premiumisation to attract high-income travellers
Lodging (Destination) in the US
KEY DATA FINDINGS
Hotels see low growth despite economic headwinds
Marriott remains the largest hotels player, showing strength in the luxury and upscale space
Technology and sustainability to play growing role
Shifting demographics demand new experiences
Booking in the US
KEY DATA FINDINGS
The AI travel race: OTAs vs generative AI in the future of bookings
Expedia holds the crown while Booking.com gains ground
Diverging consumer behaviours shaping the development of booking
AI, survival and global expansion for travel intermediaries
The following categories and subcategories are included:
Travel
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- Arrivals from Trinidad and Tobago
- Arrivals from Uruguay
- Arrivals from US Virgin Islands
- Arrivals from Venezuela
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- Arrivals from Algeria
- Arrivals from Angola
- Arrivals from Bahrain
- Arrivals from Benin
- Arrivals from Botswana
- Arrivals from Burkina Faso
- Arrivals from Burundi
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- Arrivals from Cabo Verde
- Arrivals from Central African Republic
- Arrivals from Chad
- Arrivals from Comoros
- Arrivals from Congo, Democratic Republic
- Arrivals from Congo-Brazzaville
- Arrivals from Côte d'Ivoire
- Arrivals from Djibouti
- Arrivals from Egypt
- Arrivals from Equatorial Guinea
- Arrivals from Eritrea
- Arrivals from Ethiopia
- Arrivals from Gabon
- Arrivals from Gambia
- Arrivals from Ghana
- Arrivals from Guinea
- Arrivals from Guinea-Bissau
- Arrivals from Iran
- Arrivals from Iraq
- Arrivals from Israel
- Arrivals from Jordan
- Arrivals from Kenya
- Arrivals from Kuwait
- Arrivals from Lebanon
- Arrivals from Lesotho
- Arrivals from Liberia
- Arrivals from Libya
- Arrivals from Madagascar
- Arrivals from Malawi
- Arrivals from Mali
- Arrivals from Mauritania
- Arrivals from Mauritius
- Arrivals from Morocco
- Arrivals from Mozambique
- Arrivals from Namibia
- Arrivals from Niger
- Arrivals from Nigeria
- Arrivals from Oman
- Arrivals from Qatar
- Arrivals from Réunion
- Arrivals from Rwanda
- Arrivals from Sao Tomé e Príncipe
- Arrivals from Saudi Arabia
- Arrivals from Senegal
- Arrivals from Seychelles
- Arrivals from Sierra Leone
- Arrivals from Somalia
- Arrivals from South Africa
- Arrivals from South Sudan
- Arrivals from Sudan
- Arrivals from Eswatini
- Arrivals from Syria
- Arrivals from Tanzania
- Arrivals from Togo
- Arrivals from Tunisia
- Arrivals from Uganda
- Arrivals from United Arab Emirates
- Arrivals from Yemen
- Arrivals from Zambia
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- Arrivals from Canada
- Arrivals from US
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- Arrivals from Andorra
- Arrivals from Austria
- Arrivals from Belgium
- Arrivals from Cyprus
- Arrivals from Denmark
- Arrivals from Finland
- Arrivals from France
- Arrivals from Germany
- Arrivals from Gibraltar
- Arrivals from Greece
- Arrivals from Iceland
- Arrivals from Ireland
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- Arrivals from Liechtenstein
- Arrivals from Luxembourg
- Arrivals from Malta
- Arrivals from Monaco
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- Arrivals from Norway
- Arrivals from Portugal
- Arrivals from Spain
- Arrivals from Sweden
- Arrivals from Switzerland
- Arrivals from Turkey
- Arrivals from United Kingdom
- Arrivals from Other Countries
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- Inbound Length of Stay
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- Business Air Arrivals
- Leisure Air Arrivals
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- Business Land Arrivals
- Leisure Land Arrivals
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- Business Rail Arrivals
- Leisure Rail Arrivals
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- Business Water Arrivals
- Leisure Water Arrivals
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- MICE Inbound
- Other Business Inbound
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- VFR Inbound
- Other Leisure Inbound
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- Inbound Business Tourism Spending
- Inbound Leisure Tourism Spending
- Inbound Spending on Lodging
- Inbound Spending on Activities
- Inbound Spending on Food
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- Inbound Spending on Retail Shopping
- Inbound Spending on Duty-free Shopping
- Inbound Spending on Travel Modes
- Inbound Spending on Other
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- Domestic Tourism By Destination
- Domestic Tourism Destination Leading Cities
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- Domestic Business Tourism By Air
- Domestic Leisure Tourism By Air
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- Domestic Business Tourism By Land
- Domestic Leisure Tourism By Land
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- Domestic Business Tourism By Rail
- Domestic Leisure Tourism By Rail
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- Domestic Business Tourism By Water
- Domestic Leisure Tourism By Water
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- MICE Domestic
- Domestic Other Business
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- VFR Domestic
- Domestic Other Leisure
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- Domestic Business Spending
- Domestic Leisure Spending
- Domestic Spending on Lodging
- Domestic Spending on Activities
- Domestic Spending on Food
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- Domestic Spending on Retail Shopping
- Domestic Spending on Duty-free Shopping
- Domestic Spending on Travel Modes
- Domestic Spending on Other
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- Outbound Departures to Afghanistan
- Outbound Departures to American Samoa
- Outbound Departures to Armenia
- Outbound Departures to Azerbaijan
- Outbound Departures to Bangladesh
- Outbound Departures to Bhutan
- Outbound Departures to Brunei Darussalam
- Outbound Departures to Cambodia
- Outbound Departures to China
- Outbound Departures to Fiji
- Outbound Departures to French Polynesia
- Outbound Departures to Guam
- Outbound Departures to Hong Kong, China
- Outbound Departures to India
- Outbound Departures to Indonesia
- Outbound Departures to Japan
- Outbound Departures to Kazakhstan
- Outbound Departures to Kiribati
- Outbound Departures to Kyrgyzstan
- Outbound Departures to Laos
- Outbound Departures to Macau, China
- Outbound Departures to Malaysia
- Outbound Departures to Maldives
- Outbound Departures to Mongolia
- Outbound Departures to Myanmar
- Outbound Departures to Nauru
- Outbound Departures to Nepal
- Outbound Departures to New Caledonia
- Outbound Departures to North Korea
- Outbound Departures to Pakistan
- Outbound Departures to Papua New Guinea
- Outbound Departures to Philippines
- Outbound Departures to Samoa
- Outbound Departures to Singapore
- Outbound Departures to Solomon Islands
- Outbound Departures to South Korea
- Outbound Departures to Sri Lanka
- Outbound Departures to Taiwan
- Outbound Departures to Tajikistan
- Outbound Departures to Thailand
- Outbound Departures to Tonga
- Outbound Departures to Turkmenistan
- Outbound Departures to Tuvalu
- Outbound Departures to Uzbekistan
- Outbound Departures to Vanuatu
- Outbound Departures to Vietnam
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- Outbound Departures to Australia
- Outbound Departures to New Zealand
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- Outbound Departures to Albania
- Outbound Departures to Belarus
- Outbound Departures to Bosnia and Herzegovina
- Outbound Departures to Bulgaria
- Outbound Departures to Croatia
- Outbound Departures to Czech Republic
- Outbound Departures to Estonia
- Outbound Departures to Georgia
- Outbound Departures to Hungary
- Outbound Departures to Kosovo
- Outbound Departures to Latvia
- Outbound Departures to Lithuania
- Outbound Departures to North Macedonia
- Outbound Departures to Moldova
- Outbound Departures to Montenegro
- Outbound Departures to Poland
- Outbound Departures to Romania
- Outbound Departures to Russia
- Outbound Departures to Serbia
- Outbound Departures to Slovakia
- Outbound Departures to Slovenia
- Outbound Departures to Ukraine
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- Outbound Departures to Anguilla
- Outbound Departures to Antigua and Barbuda
- Outbound Departures to Argentina
- Outbound Departures to Aruba
- Outbound Departures to Bahamas
- Outbound Departures to Barbados
- Outbound Departures to Belize
- Outbound Departures to Bermuda
- Outbound Departures to Bolivia
- Outbound Departures to Brazil
- Outbound Departures to British Virgin Islands
- Outbound Departures to Cayman Islands
- Outbound Departures to Chile
- Outbound Departures to Colombia
- Outbound Departures to Costa Rica
- Outbound Departures to Cuba
- Outbound Departures to Curaçao
- Outbound Departures to Dominica
- Outbound Departures to Dominican Republic
- Outbound Departures to Ecuador
- Outbound Departures to El Salvador
- Outbound Departures to French Guiana
- Outbound Departures to Grenada
- Outbound Departures to Guadeloupe
- Outbound Departures to Guatemala
- Outbound Departures to Guyana
- Outbound Departures to Haiti
- Outbound Departures to Honduras
- Outbound Departures to Jamaica
- Outbound Departures to Martinique
- Outbound Departures to Mexico
- Outbound Departures to Nicaragua
- Outbound Departures to Panama
- Outbound Departures to Paraguay
- Outbound Departures to Peru
- Outbound Departures to Puerto Rico
- Outbound Departures to Sint Maarten
- Outbound Departures to St Kitts and Nevis
- Outbound Departures to St Lucia
- Outbound Departures to St Vincent and the Grenadines
- Outbound Departures to Suriname
- Outbound Departures to Trinidad and Tobago
- Outbound Departures to Uruguay
- Outbound Departures to US Virgin Islands
- Outbound Departures to Venezuela
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- Outbound Departures to Algeria
- Outbound Departures to Angola
- Outbound Departures to Bahrain
- Outbound Departures to Benin
- Outbound Departures to Botswana
- Outbound Departures to Burkina Faso
- Outbound Departures to Burundi
- Outbound Departures to Cameroon
- Outbound Departures to Cabo Verde
- Outbound Departures to Central African Republic
- Outbound Departures to Chad
- Outbound Departures to Comoros
- Outbound Departures to Congo, Democratic Republic
- Outbound Departures to Congo-Brazzaville
- Outbound Departures to Côte d'Ivoire
- Outbound Departures to Djibouti
- Outbound Departures to Egypt
- Outbound Departures to Equatorial Guinea
- Outbound Departures to Eritrea
- Outbound Departures to Ethiopia
- Outbound Departures to Gabon
- Outbound Departures to Gambia
- Outbound Departures to Ghana
- Outbound Departures to Guinea
- Outbound Departures to Guinea-Bissau
- Outbound Departures to Iran
- Outbound Departures to Iraq
- Outbound Departures to Israel
- Outbound Departures to Jordan
- Outbound Departures to Kenya
- Outbound Departures to Kuwait
- Outbound Departures to Lebanon
- Outbound Departures to Lesotho
- Outbound Departures to Liberia
- Outbound Departures to Libya
- Outbound Departures to Madagascar
- Outbound Departures to Malawi
- Outbound Departures to Mali
- Outbound Departures to Mauritania
- Outbound Departures to Mauritius
- Outbound Departures to Morocco
- Outbound Departures to Mozambique
- Outbound Departures to Namibia
- Outbound Departures to Niger
- Outbound Departures to Nigeria
- Outbound Departures to Oman
- Outbound Departures to Qatar
- Outbound Departures to Réunion
- Outbound Departures to Rwanda
- Outbound Departures to Sao Tomé e Príncipe
- Outbound Departures to Saudi Arabia
- Outbound Departures to Senegal
- Outbound Departures to Seychelles
- Outbound Departures to Sierra Leone
- Outbound Departures to Somalia
- Outbound Departures to South Africa
- Outbound Departures to South Sudan
- Outbound Departures to Sudan
- Outbound Departures to Eswatini
- Outbound Departures to Syria
- Outbound Departures to Tanzania
- Outbound Departures to Togo
- Outbound Departures to Tunisia
- Outbound Departures to Uganda
- Outbound Departures to United Arab Emirates
- Outbound Departures to Yemen
- Outbound Departures to Zambia
- Outbound Departures to Zimbabwe
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- Outbound Departures to Canada
- Outbound Departures to US
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- Outbound Departures to Andorra
- Outbound Departures to Austria
- Outbound Departures to Belgium
- Outbound Departures to Cyprus
- Outbound Departures to Denmark
- Outbound Departures to Finland
- Outbound Departures to France
- Outbound Departures to Germany
- Outbound Departures to Gibraltar
- Outbound Departures to Greece
- Outbound Departures to Iceland
- Outbound Departures to Ireland
- Outbound Departures to Italy
- Outbound Departures to Liechtenstein
- Outbound Departures to Luxembourg
- Outbound Departures to Malta
- Outbound Departures to Monaco
- Outbound Departures to Netherlands
- Outbound Departures to Norway
- Outbound Departures to Portugal
- Outbound Departures to Spain
- Outbound Departures to Sweden
- Outbound Departures to Switzerland
- Outbound Departures to Turkey
- Outbound Departures to United Kingdom
- Outbound Departures to Other Destinations
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- Business Air Outbound
- Leisure Air Outbound
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- Business Land Outbound
- Leisure Land Outbound
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- Business Rail Outbound
- Leisure Rail Outbound
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- Business Water Outbound
- Leisure Water Outbound
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- MICE Outbound
- Other Business Outbound
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- VFR Outbound
- Other Leisure Outbound
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- Outbound Business Spending
- Outbound Leisure Spending
- Outbound Spending on Lodging
- Outbound Spending on Activities
- Outbound Spending on Food
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- Outbound Spending on Retail Shopping
- Outbound Spending on Duty-free Shopping
- Outbound Spending on Travel Modes
- Outbound Spending on Other
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- Low Cost Carriers
- Full Service Carriers
- Non-Scheduled Carriers
- Passenger Revenue
- Ancillary Revenue
- Domestic Airlines
- International Airlines
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- Airlines Online via Direct
- Airlines Online via Intermediaries
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- Airlines Offline via Direct
- Airlines Offline via Intermediaries
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- Bus
- Ferry
- Rail
- Other Surface Travel Modes
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- Surface Travel Modes Online via Direct
- Surface Travel Modes Online via Intermediaries
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- Surface Travel Modes Offline via Direct
- Surface Travel Modes Offline via Intermediaries
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- Luxury Hotels
- Upscale Hotels
- Mid-Market Hotels
- Budget Hotels
- Unrated Hotels
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- Hotels Online via Direct
- Hotels Online via Intermediaries
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- Hotels Offline via Direct
- Hotels Offline via Intermediaries
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- Short-Term rentals Online via Direct
- Short-term Rentals Online via Intermediaries
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- Short-term Rentals Offline via Direct
- Short-term Rentals Offline via Intermediaries
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- Campsites
- Hostels
- Other Lodging Types
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- Other Lodging Online Direct
- Other Lodging Online Intermediaries
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- Other Lodging Offline via Direct
- Other Lodging Offline via Intermediaries
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- Lodging (Destination) Online via Direct
- Lodging (Destination) Online via Intermediaries
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- Lodging (Destination) Offline via Direct
- Lodging (Destination) Offline via Intermediaries
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- Food and Dining
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- Museums & Cultural Sites
- National Parks & Nature Reserves
- Theme Parks
- Other Attractions
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- Guided Tours
- Festivals and Leisure Events
- Other Experiences
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- Retail Shopping
- Duty-Free Shopping
- Mobility
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- Medical Tourism
- Spas
- Other Wellness
- Other In-Destination Spending
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- In-Destination Spending Online Direct
- In-Destination Spending Online Intermediaries
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- In-Destination Spending Offline Direct
- In-Destination Spending Offline Intermediaries
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- Booking Offline
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- Mobile Travel
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- Leisure Air Travel Online via Direct
- Leisure Air Travel Online via Intermediaries
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- Leisure Air Travel Offline via Direct
- Leisure Air Travel Offline via Intermediaries
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- Leisure Car Rental Online via Direct
- Leisure Car Rental Online via Intermediaries
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- Leisure Car Rental Offline via Direct
- Leisure Car Rental Offline via Intermediaries
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- Leisure Cruise Online via Direct
- Leisure Cruise Online via Intermediaries
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- Leisure Cruise Offline via Direct
- Leisure Cruise Offline via Intermediaries
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- Leisure Experiences and Attractions Online via Direct
- Leisure Experiences and Attractions Online via Intermediaries
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- Leisure Experiences and Attractions Offline via Direct
- Leisure Experiences and Attractions Offline via Intermediaries
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- Leisure Lodging (Source) Online via Direct
- Leisure Lodging (Source) Online via Intermediaries
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- Leisure Lodging (Source) Offline via Direct
- Leisure Lodging (Source) Offline via Intermediaries
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- Leisure Packages Online via Intermediaries
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- Leisure Packages Offline via Intermediaries
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- Leisure Surface Travel Online via Direct
- Leisure Surface Travel Online via Intermediaries
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- Leisure Surface Travel Offline via Direct
- Leisure Surface Travel Offline via Intermediaries
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- Leisure Other Travel Products Online via Direct
- Leisure Other Travel Products Online via Intermediaries
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- Leisure Other Travel Products Offline via Direct
- Leisure Other Travel Products Offline via Intermediaries
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- Business Air Travel Online via Direct
- Business Air Travel Online via Intermediaries
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- Business Air Travel Offline via Direct
- Business Air Travel Offline via Intermediaries
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- Business Car Rental Online via Direct
- Business Car Rental Online via Intermediaries
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- Business Car Rental Offline via Direct
- Business Car Rental Offline via Intermediaries
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- Business Lodging Online via Direct
- Business Lodging Online via Intermediaries
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- Business Lodging Offline via Direct
- Business Lodging Offline via Intermediaries
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- Business Other Online via Direct
- Business Other Online via Intermediaries
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- Business Other Offline via Direct
- Business Other Offline via Intermediaries
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- Travel Intermediaries Online
- Travel Intermediaries Offline
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- Direct Suppliers Online
- Direct Suppliers Offline
Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
See all of our definitionsWhy buy this report?
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This report originates from Passport, our Travel research and analysis database.
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