The hotels and travel sub-industry includes hotel chains, online travel agencies (OTAs), cruise lines, casino resort operators, and theme park companies. Travel demand has proven remarkably resilient post-pandemic, with leisure travel recovering to record levels. Business travel recovery has been slower but improving. The experience economy trend has driven consumers to prioritize travel spending over goods purchases, providing structural tailwinds beyond the immediate post-COVID surge.
RevPAR (Revenue Per Available Room) for hotels measures pricing power and occupancy combined. Watch OTA take rates and supplier fee negotiations for margin trajectory. Cruise line advanced booking trends and onboard revenue per passenger indicate future demand. Forward bookings data from Booking and Expedia lead revenue by one to two quarters.