Pranavi Agarwal

Travel venture capital is no longer in freefall — but it is far from fully recovered. Now defined by discipline, funding is concentrated in fewer, larger bets on proven companies.

Hotel brands are trading ownership for scalability through asset-light models, brand diversification, and expanding loyalty programs.

Profitability, not demand, is now the key metric for investors tracking the U.S. hotel sector.

Despite strong demand and hiring momentum, travel is stuck in a cycle of churn — with pay gaps, skills shortages, and weak career pathways making talent the sector’s biggest growth challenge.

This chartbook offers a snapshot of the evolving online travel landscape, with an analysis of the top 10 largest publicly traded online travel agencies.

The future of travel is unfolding now; you just need the right data and insights to see it. The State of Travel report is your essential guide to understanding the trends shaping our industry and staying ahead of the modern traveler as a company, association, or destination.

In the post-pandemic environment, volatility returns: not from viruses, but from economic headwinds and disruption of the current distribution landscape. In 2025, the winners will be those who adapt quickly to a more fragmented, tech-driven landscape.

Recession alarm bells are going off. A global downturn isn't our base case, but it's still worth reviewing how the travel industry might perform in a worst-case scenario. Even in a turbulent market, travel won't stop — it will shift.

Slowing hotel supply growth in the U.S. is fueling brand expansion through M&A deals, as high development costs make acquisitions more attractive than new construction.

Banks and credit card companies are disrupting the travel industry by launching their own booking platforms, competing with online travel agencies and gaining market share.

In 2024, MakeMyTrip saw double-digit revenue growth, rapid profit margin expansion, and share price growth outperforming all other major OTAs. This 40-chart factbook delves into MakeMyTrip's financials to better understand its growth trajectory in a burgeoning Indian travel market.

If 2023 was the year of revenge travel, and 2024 of normalization, what will 2025 bring? Likely a slow and steady baseline of growth amid divergence, challenges, and change.