Traveler Behavior: The Traveler You Think You Know

Travel demand held up in 2025, but the behavior underneath it shifted. Spending tightened as Americans weighed travel against competing financial priorities, with younger travelers — now the largest share of the market — more cost-conscious than ever. At the same time, novelty eclipses repetition for Gen Z and millennials, challenging brands to build programs that reward flexibility and exploration as much as frequency. The traveler is still booking — but the assumptions built into most conversion and loyalty strategies no longer hold. What does the industry actually know about who it's selling to right now?