# Global tourism: record revenues but shrinking margins for 2026

> A Travel Trends Advisory report describes a 'Great Repricing': pricier trips, fewer travelers and squeezed profits at airlines and tour operators.

- **Section:** Market
- **Published:** 2026-09-16
- **Publisher:** Voyage (https://thevoyage.gr)
- **Type:** our own summary of someone else’s reporting
- **Source:** Money Tourism — https://money-tourism.gr/travel-trends-monthly-i-megali-anatimologisi-allazei-ta-dedomena-ston-pagkosmio-tourismo-megales-pieseis-sta-kerdi/
- **Keywords:** τουρισμός, αεροπορικά, έσοδα, κερδοφορία, Ελλάδα, AI

The first edition of Travel Trends Monthly, produced by Travel Trends Advisory with Sherpa, describes what it calls 'The Great Repricing': record revenues that no longer translate into matching profitability. Dan Christian, head of Travel Trends Advisory, said: "I've been in this industry long enough to be suspicious when everyone announces records in the same quarter."

In the US, intent to take summer vacations fell to 45%, the lowest in six years, while the average budget of those who do travel rose 17% to $4,069. Airfare costs rose 25.5% in July against 3.4% inflation. American Airlines reported record revenue of $16.7 billion but net profit of just $71 million. TUI's underlying EBIT fell 27% to €233.8 million, while Tripadvisor saw revenue drop 7% and adjusted profit 21%.

Europe stands out as the only major region growing both volume and value, with international arrivals up 5% and overnight stays up 4.8%. In Greece, June traveler numbers rose 6.9% but receipts grew only 1.2%, with average spend per trip down 6.2% — described by the report as 'volume is being bought.' Spain, by contrast, saw arrivals up 4.6% and spending up 10.9%.

International arrivals to the US fell 7% in July, a fourth consecutive monthly decline, with sharp drops from France, the Netherlands, Switzerland, Germany and South Korea. In the Middle East, arrivals fell 14%, with the WTTC forecasting a 14.5% drop in the region's tourism contribution to GDP.

On technology, Google is testing hotel booking inside AI Mode with partners including Booking.com and Expedia, though AI-driven bookings remain below 1%. In the US hotel market, RevPAR rose 8.2% in July, while over a third of hotel spending now comes from just one-ninth of the wealthiest households.

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This summary was written by Voyage based on reporting by Money Tourism. The full article is at https://money-tourism.gr/travel-trends-monthly-i-megali-anatimologisi-allazei-ta-dedomena-ston-pagkosmio-tourismo-megales-pieseis-sta-kerdi/. Canonical URL of this page: https://thevoyage.gr/en/a/global-tourism-record-revenues-but-shrinking-margins-for-2026