Global Hotels & Leisure: Online Travel: Click it for tickets - Experiences Primer

Research evidence excerpt

Global Hotels & Leisure: Online Travel: Click it for tickets - Experiences Primer

1 July 2026

Global Hotels & Leisure

Online Travel: Click it for tickets - Experiences Primer

Experiences are the final frontier for online travel - growing in the MSD at an industry level, Richard J. Clarke, FCA

+44 20 7676 6850 but rapidly shifting online and consolidating, we see a sustainable LDD online intermediary

richard.clarke@bernsteinsg.com growth rate over the next 10 years which comes in at a 20%+ take rate, while the biggest

players boast only a ~1% market share. Winning in the experiences segment and driving

Niall Mitchelson industry consolidation could mean a >20% revenue growth CAGR over the next 10 years

+44 20 7676 7144

niall.mitchelson@bernsteinsg.com for pure play platforms. Online travel companies are beginning to recognize the opportunity

- Tripadvisor are now centered solely around experiences, while Airbnb’s relaunched

Lasith Siriwardana experiences last summer. Expedia have also recently acquired experiences platform Tiqets,

+44 20 7550 2191 and Booking have been focused on Experiences as the next leg for its Connected Trip.

lasith.siriwardana@bernsteinsg.com

Experiences is a highly fragmented ~$400bn market growing at MSD CAGR, with

GDP+ growth driven by a structural shift from goods towards experiences. North America

and EMEA make up 60% of the global experiences market, but growth has been broad

based, APAC has seen particularly strong demand, growing at a 10% CAGR from 2011-19,

and now makes up ~30% of the global market. Experiences are currently more offline

than other travel verticals, and intermediary penetration is only 50% - both present an

opportunity for experiences platforms to outpace the market.