The new normal: travel companies temper expectations for 2024
As the rebound impact from the pandemic has waned, 2024 will be the first normal year for the hospitality industry since 2019
After the pandemic slammed the brakes on the tourism industry, and the subsequent years were the era of "revenge travel," hotel operators Hilton Worldwide and Marriott International and online travel agency Expedia expect demand to grow more slowly this year.
Key takeaways
They, along with other travel companies, are forecasting full-year 2024 profits short of the consensus from Wall Street analysts;
Expedia said it expects revenue growth in 2024 to be in the mid-single digits after a 10% increase in revenue in 2023, and it said pricing should be soft across several categories in 2024;
One laggard for hospitality companies has been China, but the hotel giants were more optimistic about that country's growth for the coming year as well as rebounding group and business travel.
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