BofA's Travel Survey: Travel intentions remain robust, Hotels improved vs AA

BofA analysts led by Justin Post conducted a survey of more than 1,000 U.S. consumers ages 18+ to measure online travel agency (OTA) usage and behavior trends. Here's a summary.

"When compared to last year, our 1Q23 survey results highlight continued travel demand momentum, a positive for all travel platforms and direct hotel sites. Preference for hotel travel has increased y/y vs AA, but AA still much more popular than pre-pandemic. For hotel bookings, OTAs have lost some y/y ground to hotel direct sites, and for AA, Airbnb remains the most popular and Booking seems to be gaining AA share while VRBO haslost some share. Overall, we think Asia/cross border travel recovery in 2023 could help OTA bookings, but we see some near-term sentiment risk from likely decelerating y/y booking trends to start 2Q (tougher y/y and vs 2019 booking comps). For Buy rated Expedia, we are not seeing evidence of material OTA share loss, which has been an overhang on the shares, though VRBO’s reported share vs AA peers fell from last year."

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