Main points
- Mooringstar has reduced revenue growth forecast for 2025 for major online travel companies due to customs tariffs and economic concerns.
- Reservation and Airbnb are seen as “wide trenches”, while the Expedia trench “tight” does not have anything.
- Investors are believed to reduce the capabilities of Airbnb, despite the strong network feature and international growth.
summary
Morningstar has transferred its 2025 revenue growth expectations to online travel companies, including property reservations, Airbnb, Expedia Group, and Tripadvisor, due to concerns about definitions and economic expectations. Reservation and Airbnb are strong competitive advantages, while Expedia’s is moderate and Tripadvisor has nothing. Nevertheless, Morningstar notes that investors reduce Airbnb’s capabilities for international growth and network benefits.
