旅游调查：尽管中东冲突新闻不断，夏季旅游意愿同比增强

Travel Survey:Summer Travel intentionsstrongery/y despite ME conflict headlines Industry Overview 12 May 2026 Spring Online travel survey We conducted a survey of 1,000+ U.S. consumers ages 18+ to measure online travelagency (OTA) usage and intentions. We note that our annual survey was conducted inApril, well after the start of the Middle East conflict. Also, household income skewedhigher in our 1Q26 survey, with fewer sub‑$50k respondents and more $100k+households vs our 1Q25 survey, which may have impacted results. Our top takeaways: EquityUnited States Justin PostResearch AnalystBofAS+1 415 676 3547justin.post@bofa.com US travel intentions remain healthy and improved vs. last year: 47% of respondentsexpect to travel more than usual over the next 12 months (vs. 43% in 1Q25). Inaddition, 81% plan to travel the same or more in Summer 2026 vs. Summer 2025, Nafeesa GuptaResearch AnalystBofAS+1 415 436 3558nafeesa.gupta@bofa.com Higher fares (fuel cost pass through) can impact travel: when asked on higher airfares and hotel rates, around 30% indicated they could postpone vacation plans ifprices increased, and 24% indicated they could travel locally vs taking a flight. AA: Alternative AccommodationOTA: Online Travel AgencySTR: Short Term RentalLTM: Last 12 monthsME: Middle EastNA: North America AI adoption accelerating: 44% have used ChatGPT/Gemini/Claude for travelplanning, up from 18% in 1Q25. Also, 40% have used Booking or Expedia’s AIchatbot (vs 26% in 1Q25). 38% indicated they would use an AI agent toautonomously book travel, while 30% are interested but not yet comfortable. OTA engagement and intent to book on an OTA improved y/y across majorplatforms, with Booking and Airbnb having biggest y/y gains.Use of Booking’sGenius program increased significantly y/y, while Expedia’s One Key was relatively Hotels remain the preferred accommodation choice, but a lower 60% (down vs 64%LY) favor hotels vs 25% preferring alternative accommodations (AA), while 15%indicated no strong preference. Within AA, Airbnb and Booking.com gained share. •OTAs continue gain ground vs Google in use for accommodation search, withExpedia overtaking Google as top preference for“to search for hotels oraccommodations”and Booking.com gaining share.However, in a separate question •For corporate travel, among those using a platform for bookings, Amex GBT (incl.Egencia) had leading share at ~23%, while ~18% use Navan. Sector andCompany Level Takeaways Weview the survey results as positive constructive for US travel this Summer.Booking,gained ground as travel starting point, and had loyalty usage and AA share uptick. For Expedia,survey was mixed, with Expedia usage growing and more accommodation search,but reported Vrbo usage fell among AA sites. ForAirbnb, survey data was also mixed, withimproving AA category indicators (usage and willingness to list) but a modest decline inAirbnb’s share vs 1Q25 for top AA site used. From here, while NT travel bookings may besensitive to air fares, we think overall survey data and othertravel metrics (report)point to BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be awarethat the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Travel survey: travel intentions holding up We surveyed ~1,000 people in the US in April 2026 on their travel behavior andpreferences.We note that our survey was conducted during the ongoing Middle-East Intention to travel higher this year The results of our recent Travel Survey indicate expectations for healthy travel activitythis year, and more travel vs 2025. Around 47% (vs 43% in 1Q25 survey) our surveyrespondents expect to travel more than usual over the next 12 months. Also, 81%(similar to 1Q25 survey) indicated that they plan to travel the same or more in Summer2026 vs 2025. Among those, 30% indicated that they plan to travel“significantly more” Exhibit2:Respondents plan to travel more inSummer2026vs 2025How much do you think you will travel in Summer 2026 (compared to Exhibit1:47% respondents expect to travel more than usual in thenext 12 months Higher fares could impact travel choices When asked about inflation, 64% of the survey respondents believe that higher flightprices and hotel room rates would impact their travel choices. Around 30% couldpostpone vacation plans, about 20% respondents said that higher rates could cause Price remains most important for travel bookings We asked what“the most important factor when making online travel bookings”andcompared it to prior surveys below. Price remains the most important factor forrespondents, but its importance reduced while the significance of“convenience” Increasing usage of AI-driven chatbots There was a sharp increase in respondents indicating use of AI platforms for travelplanning. Arou