云端动态：航空公司网站流量同比下降4%；美国应用程序用户同比增长1%

Sheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.comJohn Colantuoni * | Equity Analyst1 (212) 778-8634 | jcolantuoni@jefferies.comGreg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.comEllen Page * | Equity Associate+1 (212) 323-3381 | epage@jefferies.comKyle Wenclawiak * | Equity Associate+1 (212) 323-7671 | kwenclawiak@jefferies.comConor Walters * | Equity Associate+1 (212) 323-3395 | cwalters@jefferies.comEegan McDermott * | Equity Associate+1 (212) 323-3325 | emcdermott1@jefferies.com 1. Global Travel Site Visits Remain Healthy, butDuration Slows SomewhatWe tracked web traffic data from the top 50 airlines globally, as well as 14 travel sites (Amex Travel,Booking.com, CheapFlights, CheapOair, CheapTickets, Concur, Expedia, Hotels.com, Hotwire, Kayak,Orbitz, Priceline, Student Universe, Trivago). We consider the average duration of a site visit and thetotal number of site visits each month, which have been highly correlated over the past three years.Given that most travel is booked online, the data should be a leading indicator of bookings for globalairlines. Domestic travel is typically booked one month ahead, while international flights are bookedup to six months ahead. Over the past three years, we have seen the highest correlation to RPKsthree months ahead of website traffic. However, the correlation has recently become closer to thesame period, as most bookings have been closer to the flight date.Over the past three years, combined daily visits to the aforementioned websites have averaged29.1MM. So far in May, site visits have averaged 28.7MM, down 4% y-o-y, -2% vs the three-yearaverage, and +2% vs the trailing 12-month average.We also consider the average duration for customers using desktops due to the presence of outliersin the mobile dataset. The average browsing time of 7.4 minutes this month is down 8% year-over-year, down 5% on a T12M basis, and down 8% vs the 3-year average.Exhibit 4 - Daily Travel Site Duration Down Y-o-Y.0.05.010.015.020.025.030.035.040.04/1/20226/1/20228/1/2022Average Daily Visits (MMs)% May 2025 Y-o-Y# of VisitsAverage DurationSource: SimilarWebPlease see important disclosure information on pages 10 - 15 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 10/1/202212/1/20222/1/20234/1/20236/1/20238/1/202310/1/202312/1/20232/1/20244/1/20246/1/20248/1/202410/1/202412/1/20242/1/20254/1/2025VisitsDuration-4%-8% 6.66.87.07.27.47.67.88.08.28.48.68.8Average Visit Duration (Minutes) 2. Web Traffic by Customer Location Remains Above2019 LevelsIn this section, we consider thelocation of customersvisiting airline websites and online travel agents.For the week beginning May 24, global OTA and airlines web traffic was2% below prior- yearlevels.On a trailing-three month, year-over-year basis (Feb '25 - May '25 vs Feb '24 - May '24), web trafficwas down 5%, while traffic was flat sequentially and up 6% m-o-m globally.Customers based in the US visited travel websites6% below prior-year levelsin the most recent week,with trafficdown 8% on a T3Mbasis. US web traffic was down 1% on a w-o-w basis, and up 10%m-o-m.Exhibit 5 - Global Web Traffic Seeing a Y-o-Y Deceleration.0510152025Apr-22Jul-22Sep-22Nov-22Jan-23Apr-23Jun-23Aug-23Nov-23Jan-24Mar-24May-24Aug-24Oct-24Dec-24Mar-25Average Daily Visits per Week (MMs)USRest of WorldWeek Of May 24T3M-o-T3MY-o-YUS-8%-6%Global Total-5%-2%Source: SimilarWebThe top 5 OTAs (Booking.com, Expedia, Hotels.com, Kayak, Priceline) as determined by web trafficvolumes are considered proxies for leisure travel interest. We also include the total set of OTA webtraffic for reference (AmexTravel, Booking.com, CheapFlights, CheapOAir, CheapTickets, Concur,Expedia, Hotels.com, Hotwire, Kayak, Orbitz, Priceline, Student Universe, Trivago).In the most recent week, Web traffic to the top 5 online travel agents wasdown 8% vs last year'slevels, while the total set wasdown 8% vs 2024 levels. Leisure booking interest saw strong recoverymomentum through last winter, although it has decelerated recently.Please see important disclosure information on pages 10 - 15 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May-25 Exhibit 6 - Leisure Booking Interest - Leisure and Business OTAs Trending Largely in Line.-25%-20%-15%-10%-5%0%5%10%15%20%Apr-23Jun-23Y-o-Y % Change in Average Daily Website VisitsSource: SimilarWeb3. Weekly Mobile App Users & Downloads For U.S.AirlinesWe track weekly mobile app users and downloads for US-based airlines, including American, Alaska,Delta, Frontier, JetBlue, Southwest, Spirit, and United. Looking at the data tracking users, we notethat unique weekly app users in the US are+1% y-o-yand-1%on a T3M-o-T3M basis. On a M-o-Mbasis, weekly users areup 6%. Looking at just the Big 4, app users areup 6%on a T3M-o-T3M basis,7 pts ahead of the broader US group.The airline with the largest