Online Travel Agencies Market

How big is the Online Travel Agencies Market in 2026?

The Online Travel Agencies Market is projected to reach USD 2,643.4 billion by 2036, growing at a 14.4% CAGR from 2026 to 2036. FMI estimates the 2026 value at USD 688.5 billion. The market was valued at USD 601.8 billion in 2025. Platform bookings are set to grow far faster than travel spending itself. UN Tourism estimated that international tourism receipts rose 5.0% to about USD 1.9 trillion in 2025, while arrivals rose 4.0% to 1.52 billion [1]. The difference reflects channel shift, as bookings move from agency counters and supplier sites to apps that sell several trip components under one payment.

Mobile booking is the established application, and conversational planning tools are now being added to the main platforms. Disruption is the principal limitation. UN Tourism reported that global arrivals fell 1.0% in the second quarter of 2026, partly because of the Middle East conflict [3]. The actual demand determinant is cross-border trip volume, since international trips combine more components and higher values in each booking. Platform guidance follows that determinant closely. Booking Holdings guided fourth-quarter 2026 gross bookings growth of 2.0% to 4.0% after a 10.0% rise in the third quarter, as international trends softened late in that quarter [5].

Key Market Trends & Insights

• Paid memberships are reducing dependence on search advertising, which improves unit economics for agencies that reach scale. eDreams ODIGEO added 173,000 Prime members in the quarter to June 2026 and reached 8.1 million members, 8.0% more than a year earlier [7]. Prime generates nine of every ten euros of the group's cash marginal profit, which indicates how strongly repeat members change agency margins.
• Price and refund obligations are shifting onto intermediaries. The Federal Trade Commission's fee rule has required total prices for short-term lodging since 12 May 2025 [17]. In Europe, five online agencies committed to refund cancelled flights within 14 days after a dialogue with the European Commission and consumer authorities [16]. Compliance and servicing capacity therefore now form part of competitive positioning.
• Inbound demand in Asia is rotating between source markets, which changes the trip mix agencies sell. Japan received a record 42.7 million visitors in 2025, 15.8% more than in 2024 [28]. Arrivals then fell 2.9% from January to September 2026 as visitors from China dropped 55.5% [29].

Regional Highlights

• Europe is the largest destination pool for online agencies, and its dense rail and short-haul air networks favour multi-component trips. UN Tourism recorded 793 million international arrivals in Europe in 2025, a 4.0% rise [1]. Western Europe grew faster at 5.0%, which raises the number of itineraries sold with more than one component.
• Latin America combines strong arrivals growth with rapid platform expansion. South America's international arrivals rose 7.0% in 2025 [1]. Regional specialists are converting that demand quickly, with Despegar's orders up 44.0% in the year to March 2026 [9]. Local payment options and instalment plans determine which platforms capture the volume.

Online Travel Agencies Market Size and Forecast

Table 1: Online Travel Agencies Market Size and Forecast

Market size and forecast	Value
Market size in 2025	USD 601.8 billion
Estimated market size in 2026	USD 688.5 billion
Projected market size by 2036	USD 2,643.4 billion
CAGR from 2026 to 2036	14.4%

Source: Future Market Insights analysis of the online travel agencies market, 2026.

Analyst Perspective

“Travellers now compare the all-in trip price, refund terms and change flexibility inside a single app. Agencies differentiate by combining flights, stays and ground transport under one payment and by servicing the trip when plans change. Trust after disruption remains the main barrier to wider adoption, since slow refunds cost repeat bookings and draw regulatory scrutiny.”

- Ronak Shah, Principal Analyst at Future Market Insights

How is the Online Travel Agencies Market segmented?

• By booking vertical: Transportation Flights, Rail, and Car Rental, Hotel and Resort Accommodations, and Vacation Packages and Tours.
• By access platform: Mobile Apps and Smartphones, and Desktop Web Portals.
• By monetization model: Merchant Model Net Rate Markup, Agency Commission Model, and Advertising and Metasearch Referral.
• By booking scope: International Cross-Border Corridors, and Domestic and Regional Leisure Routes.
• By buyer profile: Independent Leisure and Bleisure Travelers, and Managed Small-Business and Group Accounts.
• By region: North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa.

Why do Transportation Flights, Rail, and Car Rental lead by Booking Vertical in the Online Travel Agencies Market in 2026?

Transportation Flights, Rail, and Car Rental hold 45.2% of the Online Travel Agencies Market by booking vertical in 2026.

Transport leads because the flight or train is usually the first firm commitment in a trip, and hotel and car dates follow it. Agencies therefore use transport tickets as the entry point for bundles. Air traffic volume sustains that entry point, as German airports handled 219.3 million passengers in 2025, up 3.6% [26]. Online purchasing of transport is also widening. In Spain, 26.5% of residents aged 16 to 74 bought transport services online within a three-month period in 2025, a rise of 3.8 points [25].

Flight sales through agencies sit beside the wider online airline booking platform market that FMI tracks separately. Rail and car rental add further transport components to the same itinerary, which raises the value captured from each traveller.

Hotel and Resort Accommodations and Vacation Packages and Tours together hold the remaining 54.8%. Lodging remains a large volume pool, as Germany alone recorded 497.5 million guest nights in 2025 [27]. These categories are frequently sold as additions to a transport booking, which ties their online growth to the leading vertical.

Table 2: Booking Vertical, 2026 Share

Leading Share	2026 market share
Transportation Flights, Rail, and Car Rental	45.2%
All Other Segments Combined Share	54.8%

Source: Future Market Insights analysis of the online travel agencies market, 2026.

Why do Mobile Apps and Smartphones lead by Access Platform in the Online Travel Agencies Market in 2026?

Mobile Apps and Smartphones represent 65.1% by access platform in the Online Travel Agencies Market in 2026.

Apps lead because they store payment details, loyalty balances and trip documents in one place. That shortens the path from search to payment and keeps the traveller within one brand during the trip. Large platforms report the shift directly. Airbnb said nights booked on its app grew 22.0% in the first quarter of 2026 and reached 63.0% of total nights, against 58.0% a year earlier [10]. Repeat buyers on an app cost less to acquire than traffic bought through paid search, which improves unit economics.

Membership schemes reinforce the effect. eDreams ODIGEO now allows members to pay the annual Prime fee in monthly instalments, which lowers the entry cost [7]. Members then rebook inside the same app to use their benefits. Points and member pricing also connect agencies with the tourism industry loyalty programs market.

Desktop Web Portals hold the remaining 34.9% by access platform. Desktop sessions remain suited to long multi-city itineraries and to small-business travel managers comparing several options side by side.

Table 3: Access Platform, 2026 Share

Leading Share	2026 market share
Mobile Apps and Smartphones	65.1%
All Other Segments Combined Share	34.9%

Source: Future Market Insights analysis of the online travel agencies market, 2026.

Why does Merchant Model Net Rate Markup lead by Monetization Model in the Online Travel Agencies Market in 2026?

Merchant Model Net Rate Markup accounts for 56.4% of 2026 Online Travel Agencies Market value by monetization model.

The merchant model leads because the agency collects the traveller's payment and settles with the supplier later at a net rate. Control of the selling price allows the platform to add instalments, flexible cancellation or bundle discounts. Expedia Group illustrates the shift, with merchant gross bookings up 14.0% against 8.0% for agency gross bookings in the second quarter of 2026 [2].

Holding the payment also moves refund liability to the platform. Under passenger rights rules adopted by the European Parliament in October 2026, refunds for flights booked through an intermediary must include the intermediation fee [15]. Cash collected before travel funds working capital, but it must be returned when trips are cancelled.

Agency Commission Model and Advertising and Metasearch Referral together represent the remaining 43.6%. Referral revenue is under pressure as search traffic shifts. Tripadvisor's hotels revenue fell 23.0% to USD 117.9 million in the June 2026 quarter [12].

Table 4: Monetization Model, 2026 Share

Leading Share	2026 market share
Merchant Model Net Rate Markup	56.4%
All Other Segments Combined Share	43.6%

Source: Future Market Insights analysis of the online travel agencies market, 2026.

What are the key drivers restraints and opportunities?

Online agency revenue depends on how many trips a platform captures and how many components of each trip it sells. Marketing cost and travel disruption determine how much of that value the platform retains.

Driver

Travel spending is rising faster than traveller numbers in major destinations, which lifts gross bookings even when volumes grow slowly. International visitors spent EUR 134.7 billion in Spain in 2025, up 6.8% on 2024 [23]. Arrivals rose only 3.2% in the same year [24]. Agencies that sell hotels, transfers and activities alongside flights capture a larger share of that additional spend.

Restraint

Customer acquisition remains expensive for platforms that depend on paid search. The cost is most visible in referral-led businesses. Tripadvisor's marketing cost equalled 48.7% of its revenue in the June 2026 quarter [12]. As a result, platforms that rely on search engines cede a large part of each booking's margin before the trip takes place.

Opportunity

Business-to-business distribution allows agencies to sell inventory through banks, airlines and other brands without paying for each consumer click. Expedia Group's B2B gross bookings grew 21.0% in April to June 2026, with B2B revenue up 23.0% [2]. The unit serves 75,000 partners and 200,000 travel advisors and handles 21 billion API calls a day [13]. Partners require reliable servicing before they offer a white-label travel product to their own customers, so servicing scale sets the entry threshold.

How do consumer protection rules affect online travel agency costs?

Refund timing is now written into European law for agencies that sell flights. In October 2026, the European Parliament adopted updated passenger rights rules with 652 votes in favour [15]. Passengers who book through an intermediary must receive a full refund within 14 days of a cancellation, including any intermediation fee. The rules still require formal Council approval and would apply from 23 October 2027. Several agencies had already accepted the same 14-day limit after a dialogue with the European Commission and consumer authorities [16], which lowers the adjustment cost for those early movers.

Package rules are widening the scope of organiser liability. Directive (EU) 2026/1024 on package travel was published in the Official Journal on 8 May 2026 [18]. Under the agreed text, a second travel service bought within 24 hours can create a package if the trader did not give the required notice. In the United States, the Federal Trade Commission's fee rule has required total prices for short-term lodging since 12 May 2025 [17]. Disclosure and refund processes therefore become fixed costs built into checkout design.

What limits reliable online travel agency supply and service quality?

Airline capacity and fares set the first limit, and agencies control neither. JNTO linked lower September 2026 arrivals from many markets to higher airfares caused by the Middle East situation, together with flight reductions and typhoon cancellations [29]. When fares rise, flight-led bundles lose conversion first, which also reduces attached hotel and car sales.

Servicing capacity sets the second limit, because cancellations arrive in waves when conflict or storms disrupt flights. UN Tourism linked the 1.0% fall in global arrivals between April and June 2026 partly to the Middle East conflict [3]. Each wave generates refund and rebooking work that must be completed within deadlines such as the 14-day limit agencies have accepted for cancelled flights [16]. Platforms that automate servicing protect margin and repeat business during these periods.

Where can online travel agencies win additional business?

Agencies can raise revenue per trip by adding ground transport, activities and hotel nights to existing bookings. Independent travel favours that approach, because trips without a package are assembled one component at a time. In December 2025, almost 4.3 million tourists reached Spain without a package, 1.2% more than a year earlier [24]. Package arrivals fell 2.9% to just over 1 million in the same month. Itinerary tools that personalise these add-ons link to FMI's customisation and personalisation in travel market. Each additional component requires its own refund and servicing terms, which favours platforms with established supplier contracts.

Online Travel Agencies Market by Country (2026 to 2036)

Table 5: Online Travel Agencies Market Country Growth Forecast

Country	CAGR, 2026 to 2036
Brazil	15.8%
Japan	15.2%
Spain	14.6%
United Kingdom	14.1%
Germany	13.9%
United States	13.8%

Source: Future Market Insights analysis of the online travel agencies market, 2026.

Brazil

Brazil combines rapid inbound growth with fast-scaling local platforms. UN Tourism reported a 37.0% increase in international arrivals to Brazil in 2025 [1]. Embratur recorded 6,451,257 international tourists from January to August 2026 [31]. Their spending rose 10.4% to USD 7.4 billion over the same months. Argentina alone supplied 2,244,297 of those visitors, mostly on short regional routes.

Payment terms shape Brazilian booking decisions, because instalments allow households to spread air and resort costs over several months. Airbnb began offering interest-free installments to eligible guests in Brazil and Mexico by mid-2026 [11], and its origin nights in Brazil grew more than 20.0% for a third straight quarter in early 2026 [10]. Platforms able to fund instalment plans therefore hold a conversion advantage over suppliers that require full payment.

Local scale is the second factor in Brazil's 15.8% CAGR for 2026 to 2036, which leads the six profiled countries. Prosus completed its purchase of Despegar in May 2025 [32], and the platform lifted gross bookings 29.0% to USD 5.9 billion in the year to March 2026 [9]. Its Brazilian revenue rose more than 40.0%, with iFood customers generating 21.0% of Brazil's business-to-consumer net revenue. Cross-selling from food delivery lowers the cost of acquiring a travel customer. Currency movements are the principal threat to outbound volume, because a weaker real raises the price of foreign trips.

Japan

Japan's online agency growth depends on which source markets are travelling. JNTO reported a record 42.7 million visitor arrivals in 2025, up 15.8% [28]. Arrivals then fell 2.9% to 30.7 million from January to September 2026 [29]. Visitors from China dropped 55.5%, while arrivals from South Korea rose 21.6% and from Taiwan 19.1%.

That rotation changes the booking mix. In FMI's view, short repeat trips from South Korea and Taiwan are mostly booked as flights and rooms on mobile apps, which favours online agencies over group tour channels. Trip costs are also rising. JNTO linked weaker September arrivals from many markets to higher airfares tied to the Middle East situation [29]. Departing visitors now pay a JPY 3,000 international tourist tax [30]. Higher trip costs increase the value of price comparison, which is the core agency proposition.

Replacing lost Chinese group demand with independent travellers from other Asian markets is the central commercial task for agencies in Japan. If that substitution holds, Japanese online agency bookings can rise at 15.2% a year from 2026 to 2036, second only to Brazil in this report. A return of Chinese flights would add volume quickly. Ryokan and regional hotels that list on online agencies reach these visitors without overseas sales offices. Platforms with Japanese-language supply teams therefore hold an advantage in rural inventory.

Spain

Spain's online agency market rests on record inbound volume. The Instituto Nacional de Estadística recorded 96.8 million international tourists in 2025, a 3.2% increase [24]. Those visitors spent EUR 134.7 billion, 6.8% more than in 2024 [23]. Spending that grows ahead of arrivals raises the value of each booked stay, and that value effect sets up a 14.6% CAGR for Spanish online agency bookings over 2026 to 2036.

Source markets add resilience. British residents spent EUR 23.7 billion in Spain in 2025, 4.9% more than in 2024 [23]. Demand from a large, repeat outbound market favours platforms with deep coastal and island inventory. Residents also buy travel online at scale. During 2025, 26.6% of people aged 16 to 74 bought accommodation services online within a three-month period [25]. That domestic base gives agency apps a pool of repeat customers outside the inbound peak.

Air capacity is the binding constraint for coastal and island destinations, so airfare spikes can slow summer bookings. City destinations are less exposed, since rail and short-haul air both serve them. Agencies that pair city hotels with transport outside the peak season can spread volume across the year and lift utilisation of their supplier contracts. Spanish growth therefore depends on airline seat supply as much as on traveller demand. Flexible cancellation terms help agencies hold bookings when fares move late in the season.

United Kingdom

Package protection is the defining commercial rule for British online agencies. The Civil Aviation Authority reported that 20 million passengers took an ATOL-protected holiday in 2026 up to the end of August, flat to slightly up on 2025 [20]. A total of 1,624 businesses held ATOL licences after the September 2026 renewal. Flight-inclusive packages therefore form a large, licensed channel that agencies must qualify to sell.

The rules are about to widen. The Package Travel and Linked Travel Arrangements (Amendment) Regulations 2026 come into force on 6 April 2027 [21]. Separate travel services become a package when one trader facilitates their separate selection and separate payment during a single visit to its point of sale. Click-through combinations of flights, hotels and cars can therefore create organiser liability for online sellers.

ATOL volumes show that outbound holidays remain the core of British demand, while inbound travel is softer. VisitBritain expects 44.2 million visits in 2026, with long-haul markets down 3.0% [22]. Car hire at the destination airport is a simple add-on, and FMI tracks the UK car rental market separately. Agencies that already hold ATOL licences and clear package terms are positioned to gain share as the 2027 rules approach. Steady outbound demand under tighter rules points to a 14.1% CAGR for the UK over 2026 to 2036, close to the global rate.

Germany

Germany still sells a large share of holidays through physical travel agencies. The Deutscher Reiseverband reports that Germans book more than half of tour-operator trips in a travel agency [26]. The association records 7,996 touristic agency outlets in the country. Airline ticket sales processed through German agencies under IATA settlement reached EUR 10.1 billion in 2025, below the EUR 10.9 billion of 2019. That channel mix leaves room for online agencies to gain volume from storefront sales.

Outbound spending is the main pool of demand. Deutsche Bundesbank figures compiled by the association show EUR 112.0 billion of German travel spending abroad in 2025 [26]. Foreign visitors spent only EUR 37.5 billion in Germany. Domestic hotel demand is flat by comparison. Destatis recorded a record 497.5 million guest nights in 2025, only 0.3% more than in 2024, while foreign guest nights fell 1.8% [27]. The 13.9% CAGR for Germany over 2026 to 2036 therefore depends on moving outbound spending from agency counters to screens.

The conversion will be gradual, because advice-led buyers switch channels only when online service matches counter service. Older travellers who value advice are likely to keep using agencies for long-haul packages. Online sellers can address that segment through phone support and clear cancellation terms. German airports handled 219.3 million passengers in 2025 [26], which keeps the flight-led booking funnel growing.

United States

Price transparency rules are reshaping how online agencies display lodging in the United States. The Federal Trade Commission's Rule on Unfair or Deceptive Fees took effect on 12 May 2025 and requires short-term lodging sellers to show total prices up front [17]. Regulatory exposure has also become a direct cost line. Booking Holdings recorded a USD 900.0 million reduction in third-quarter 2026 revenue and accrued a further USD 100.0 million loss related to an FTC matter [5]. Such costs weigh more on margins than on volume in a market expected to grow at 13.8% a year between 2026 and 2036, the slowest of the six country rates in this report.

Cross-border demand is the weaker side of the US market. UN Tourism data show North American arrivals down 1.4% in 2025, even as US residents raised their international tourism spending by 8.0% [1]. Outbound travel by Americans therefore supports agency volume while inbound demand lags. International itineraries also contain more bookable components than domestic stays, which raises revenue per US customer.

The National Travel and Tourism Office projects international visitation of 70.5 million in 2026, rising toward 85.2 million by 2030 [19]. A slow inbound recovery mainly affects city hotel and attraction sales. Large platforms already operate at scale, so growth depends on adding car, activity and partner revenue to each trip. Sellers that display all-in prices clearly lose fewer bookings to hotel brand sites.

Who are the notable companies in the Online Travel Agencies Market?

Booking Holdings, Expedia Group, Airbnb, Tripadvisor, eDreams ODIGEO and Despegar represent the distinct business models competing for online travel spend. Booking Holdings reported USD 186.1 billion of gross bookings and 1,235 million room nights in 2025 [4]. Expedia Group pairs its consumer brands with a B2B unit that serves 75,000 partners [13]. Both operate merchant and agency billing side by side.

Airbnb has widened from homes into hotels, services and experiences. Hotels are still a single-digit share of its nights, but hotel nights are growing far faster than home nights [11]. Tripadvisor is repositioning around Viator experiences, whose bookings rose about 5.0% to roughly 6.5 million in the June 2026 quarter [12]. It has also agreed to sell TheFork.

eDreams ODIGEO and Despegar compete on regional depth. eDreams added 643,000 Prime members in its year to March 2026 and targets 13 million members by March 2030 [8]. Despegar has operated inside Prosus since May 2025 and links travel with iFood food delivery in Brazil [32][9]. Competitive advantage in this group rests on payment options, refund handling and the share of trips sold as bundles.

Key Developments in the Online Travel Agencies Market

• On 20 May 2026, Expedia Group agreed to acquire CarTrawler, an Ireland-based B2B car rental and ground transport platform. Expedia later completed the purchase [13][14].
• On 20 May 2026, Airbnb presented its Summer Release. The release added luggage storage, airport pickups, rental cars and grocery delivery to Airbnb Services [10][11].
• On 2 August 2026, Tripadvisor signed an equity purchase agreement to sell TheFork to American Express Travel for USD 700.0 million. Completion was expected by the end of 2026 [12].

Key Players in the Online Travel Agencies Market

• Booking Holdings Inc.
• Expedia Group, Inc.
• Airbnb, Inc.
• Tripadvisor, Inc.
• eDreams ODIGEO S.A.
• Despegar.com Corp. (Prosus)

Online Travel Agencies Market Report Scope

Table 6: Online Travel Agencies Market Report Scope

Coverage field	Report scope
Market definition	Gross booking value of travel services sold through third-party online platforms, covering flights, rail, car rental, lodging, packages and tours. Direct supplier websites, offline agency desks and standalone corporate expense software are excluded.
Booking Vertical	Transportation Flights, Rail, and Car Rental; Hotel and Resort Accommodations; Vacation Packages and Tours
Access Platform	Mobile Apps and Smartphones; Desktop Web Portals
Monetization Model	Merchant Model Net Rate Markup; Agency Commission Model; Advertising and Metasearch Referral
Booking Scope	International Cross-Border Corridors; Domestic and Regional Leisure Routes
Buyer Profile	Independent Leisure and Bleisure Travelers; Managed Small-Business and Group Accounts
Regions covered	North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, Middle East and Africa
Profiled markets	Brazil, Japan, Spain, United Kingdom, Germany, United States
Companies covered	Booking Holdings Inc.; Expedia Group, Inc.; Airbnb, Inc.; Tripadvisor, Inc.; eDreams ODIGEO S.A.; Despegar.com Corp. (Prosus)
Quantitative Units	USD billion

Source: Future Market Insights analysis of the online travel agencies market, 2026.

Online Travel Agencies Market Research Methodology

The online travel agencies assessment draws on tourism statistics, regulatory texts and company filings [1][24][15][4]. FMI measures the annual gross value of travel services booked through third-party online platforms. Segment values are classified by booking vertical, access platform and monetization model. Country forecasts reflect local travel flows, payment habits and consumer rules over the same 2026 to 2036 period. Arrivals and guest nights are reviewed separately from gross bookings and platform revenue.

Online Travel Agencies Market by Segments

Online Travel Agencies Market segmented by Booking Vertical:

• Transportation Flights, Rail, and Car Rental
• Hotel and Resort Accommodations
• Vacation Packages and Tours

Online Travel Agencies Market segmented by Access Platform:

• Mobile Apps and Smartphones
• Desktop Web Portals

Online Travel Agencies Market segmented by Monetization Model:

• Merchant Model Net Rate Markup
• Agency Commission Model
• Advertising and Metasearch Referral

Online Travel Agencies Market segmented by Booking Scope:

• International Cross-Border Corridors
• Domestic and Regional Leisure Routes

Online Travel Agencies Market segmented by Buyer Profile:

• Independent Leisure and Bleisure Travelers
• Managed Small-Business and Group Accounts

Online Travel Agencies Market by Region

• North America
  • United States
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Costa Rica
• Western Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Benelux
  • Nordics
• Eastern Europe
  • Poland
  • Czech Republic
  • Romania
  • Hungary
• East Asia
  • China
  • Japan
  • South Korea
• South Asia and Pacific
  • India
  • ASEAN
  • Indonesia
  • Thailand
  • Australia and New Zealand
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Türkiye
  • Israel

Research Sources and Bibliography

• [1] UN Tourism. (2026, January 20). World Tourism Barometer, Volume 24, Issue 1, January 2026 (Excerpt).
• [2] Expedia Group, Inc. (2026, August 5). Expedia Group Reports Second Quarter 2026 Results. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1324424/000132442426000051/earningsrelease-q22026.htm
• [3] UN Tourism Regional Support Office for Asia and the Pacific. (2026, October 14). World Tourism Barometer: September 2026. https://en.unwto-ap.org/news/world-tourism-barometerseptember2026/
• [4] Booking Holdings Inc. (2026, February 18). Form 8-K, Exhibit 99.1: Booking Holdings Reports Fourth Quarter 2025 Financial Results. U.S. Securities and Exchange Commission.
• [5] Booking Holdings Inc. (2026, November 3). Form 8-K, Exhibit 99.1: Booking Holdings Reports Third Quarter 2026 Financial Results. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1075531/000107553126000044/q3-26bkngearningsrelease.htm
• [6] Expedia Group, Inc. (2026, July 31). Expedia Group acquires Layla, accelerating its AI-powered trip planning and booking strategy. https://ir.expediagroup.com/news-and-events/news/news-details/2026/Expedia-Group-acquires-Layla-accelerating-its-AI-powered-trip-planning-and-booking-strategy/default.aspx
• [7] eDreams ODIGEO S.A. (2026, September 1). eDreams ODIGEO beats market estimates one quarter into its peak investment year and further grows subscribers to 8.1 million. https://www.edreamsodigeo.com/press-releases/2026/09/edreams-odigeo-beats-market-estimates-one-quarter-into-its-peak-investment-year-and-further-grows-subscribers-to-8-1-million/
• [8] eDreams ODIGEO S.A. (2026, May 28). eDreams ODIGEO hits record adjusted net income of EUR 72.9 million (+42%) and exceeds full-year guidance. https://www.edreamsodigeo.com/press-releases/2026/05/edreams-odigeo-hits-record-adjusted-net-income-of-e72-9-million-42-and-exceeds-full-year-guidance/
• [9] Prosus N.V. (2026, June 29). Prosus profitability jumps 84%, free cash flow up US$2bn in 3 years. https://www.prosus.com/news-insights/2026/prosus-profitability-jumps-84-percent-free-cash-flow-up-usd-2bn-in-3-years
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• [13] Expedia Group, Inc. (2026, May 20). Expedia Group B2B Introduces AI Toolkit and Platform for the Future of Travel Distribution. https://ir.expediagroup.com/news-and-events/news/news-details/2026/Expedia-Group-B2B-Introduces-AI-Toolkit-and-Platform-for-the-Future-of-Travel-Distribution/default.aspx
• [14] Expedia Group, Inc. (2026). Expedia Group completes CarTrawler acquisition. Expedia Group Partner Blog, accessed 4 November 2026. https://partner.expediagroup.com/en-us/resources/blog/expedia-group-completes-cartrawler-acquisition
• [15] European Parliament. (2026, October 20). MEPs endorse better enforcement of passenger rights in the EU. https://www.europarl.europa.eu/news/en/press-room/20261018IPR48252/meps-endorse-better-enforcement-of-passenger-rights-in-the-eu
• [16] European Commission, Representation in Cyprus. (2025, July 31). More online travel agencies commit to refund within 14 days for cancelled flights, following a dialogue with the Commission and consumer authorities. https://cyprus.representation.ec.europa.eu/news/more-online-travel-agencies-commit-refund-within-14-days-cancelled-flights-following-dialogue-2025-07-31_en
• [17] Federal Trade Commission. (2025, May 5). FTC Rule on Unfair or Deceptive Fees to Take Effect on May 12, 2025. https://www.ftc.gov/news-events/news/press-releases/2025/05/ftc-rule-unfair-or-deceptive-fees-take-effect-may-12-2025
• [18] European Parliament. (2026, March 20). Legislative Train Schedule: Revision of the package travel Directive. https://www.europarl.europa.eu/legislative-train/theme-a-new-plan-for-europe-s-sustainable-prosperity-and-competitiveness/file-revision-of-the-package-travel-directive
• [19] International Trade Administration, National Travel and Tourism Office. (2026, April). International Visitor Forecast. https://www.trade.gov/sites/default/files/2026-05/NTTO-Spring-Forecast-2026.pdf
• [20] UK Civil Aviation Authority. (2026, October 7). UK Civil Aviation Authority publishes ATOL September renewal figures. https://www.caa.co.uk/newsroom/news/uk-civil-aviation-authority-publishes-atol-september-renewal-figures/
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