November 26, 2024 – 7:53 AM PST
NEW YORK (Reuters) – U.S.-based travel companies, from Marriott International (MAR.O) to Booking Holdings (BKNG.O). are trimming their budgets and workforce ahead of next year as falling leisure travel demand from lower-income travelers hits top-line growth.
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Diminished demand for budget hotels reduced growth in the hotel business in 2024, and that trend is expected to continue in 2025. Real estate analytics company CoStar and global travel data firm Tourism Economics in November downgraded their 2025 outlook for room revenue growth to 1.8% from 2.6%.
“We…
