due to a contraction in demand
RR | Miami | August 20, 2024
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RELATED TOPICS: Airbnb, Ariane Gorin, Booking, Expedia, Hilton, Leeny Oberg, Marriott, Miami
In their second quarter earnings reports, Booking.com, Expedia.com, Airbnb.com, Marriott.com and Hilton.com all agreed that Travel will slow down for the third quarter and next year. Booking.com updated its projections because it considers a slight decline in revenue forecasts, which have dropped by 2%.
Expedia CEO Ariane Gorin recently said she was projecting a contraction in demand for the third quarter and has lowered her expectations for the rest of the year. Similarly, Airbnb shares fell more than 16% in early August as the company announced its negative outlook for the third quarter, which included low demand from Americans despite the peak summer season.
Meanwhile, Mariott CFO and EVP of Development Leeny Oberg said the third quarter will see low demand and weak prices in the region, especially in November for the United States due to the presidential elections.
As reported by REPORTUR.usAccording to Hilton’s second quarter results presentation, America is the region where RevPAR (Revenue per available room) grew the least, at 3%, while Europe reached 7% and Asia Pacific 11%. (Hilton is suffering the greatest slowdown in its growth in America).
Hilton reported earnings that beat analysts’ expectations. However, its shares fell 1.7% because the company’s projections fell short of estimates.
