Europe Leisure and Lodging: Weekly newsflow: Long-haul travel caution, Carnival results, quant positioning, and UK rates sensitivity

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Europe Leisure and Lodging: Weekly newsflow: Long-haul travel caution, Carnival results, quant positioning, and UK rates sensitivity

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25 Jun 2026 12:22:34 ET │ 11 pages

Europe Leisure and Lodging

Weekly newsflow: Long-haul travel caution, Carnival results, quant

positioning, and UK rates sensitivity

CITI'S TAKE

Key newsflow: 1) ETC’s latest long-haul travel survey points to continued Leo Carrington AC

cautions amongst travelers; 2) Carnival’s results point to robust demand +44-20-7986-0811

even as cost escalation weights on profitability; 3) UK yield sensitivity for leo.carrington@citi.com

Whitbread and SSP. Datapoints and read-across detailed below.

Nick Joseph

ETC’s survey points to long-haul travel caution: Findings* include: 1) Summer’26 +1-212-816-1909

saw a 5ppt YoY (to 52%) decline in global long-haul travel intent, with Europe seeing nicholas.joseph@citi.com

a 3ppts decline to 36%; 2) For Europe, cost remains the key factor cited by 40% of Smedes Rose

respondents planning to travel but not to Europe. 3) Chinese travelers show the

+1-212-816-6243strongest travel intent (63%, –9ppt YoY) to Europe, followed by Brazil (47%, +2ppt

YoY). Only 28% of US respondents were planning a European trip, –5ppt YoY. 4) smedes.rose@citi.com

Southern/Mediterranean Europe commands the strongest interest (73% of Ajay Nandal

respondents) followed by Western (49%) and Northern (48%) Europe. +91-22-4277-5017

Central/Eastern Europe are seeing increased interest. We note the survey timing

ajay.nandal@citi.com(theoretically the Middle East ceasefire could reverse some of this caution) but recall

the previous survey (Feb’26) had pointed to similar trends. From a lodging

perspective, we note trends in countries like the US where domestic demand is

offsetting inbound weakness.