- Travel-related stocks up 124% over five years as airlines, hotels and cruises show sustained growth
- Cruise operators and global travel platforms lead longer-term returns, while investors remain discerning
- Performance suggests consumers are prioritising experiences over possessions
London, 25 February: As winter wears on and despite household budgets remaining under pressure, travel demand shows little sign of easing. New analysis from trading and investing platform eToro shows that an equal-weighted basket of major travel-related stocks has risen 17% over the past year, 108% over three years and 124% over five years. These gains span major travel related companies, including airlines, hotels, online booking companies and cruise operators, highlighting how travel demand has remained resilient, despite the continued cost of living crisis and ever changing economic environment.
This shift is reflected in both consumer behaviour and markets, with a 2026 report from UN Tourism showing a 4% increase in international tourism in 2025, with tourism expected to grow by the same amount in 2026. At the same time, a 2024 survey by Barclays found that 57% of people would rather spend money on experiences than possessions. Travel is shifting from a luxury to a staple, with people increasingly prioritising memories over belongings.
“Travel hasn’t become immune to pressure, but consumers are finding it harder to cut,” said Sam North, Market Analyst at eToro. “This is not simply a post-Covid recovery story. In a world dominated by online activity, the premium on real life experiences has soared, with people actively looking to prioritise tangible, on-the-ground escapes over digital consumption. Consumers are still looking for value, but they are increasingly unwilling to give up trips altogether. Investors are rewarding the companies best placed to capitalise on that demand.”
Over three years, Royal Caribbean Cruise Line is up 360%, far ahead of the rest of the group, while Carnival has also gained 160%. Airlines have also posted very strong returns, with IAG up 142%. Online platforms continue to benefit from repeat bookings, with Expedia up 132% and Booking Group up 107%. However, the recovery has played out unevenly. High-profile names like AirBnB have posted more modest returns, up 15% over three years and EasyJet has fallen 6%, showing that investors remain discerning and highlighting the importance of stock-specific research.
The disparity within the sector suggests travel is entering a more mature phase. Experience-led providers, particularly cruise operators, have benefited from consumers seeking high-impact escapes with clearer, upfront costs and fewer unexpected expenses. Hotels and booking platforms, meanwhile, have captured more stable, recurring demand as travel becomes a more habitual part of spending patterns rather than a once-a-year splurge.
Sam North, Market Analyst at eToro added “While travel stocks have performed well over the past five years, two companies have struggled, with Airbnb’s weaker performance partly reflecting its early valuation as a high-growth tech company, as opposed to a travel business. EasyJet, on the other hand, continues to disappoint as it struggles to keep up with low cost competitors like Ryanair. By contrast, cruise operators have benefited from a clearer value proposition, with more costs bundled upfront and less aggressive price increases, helping companies like Royal Caribbean and Carnival deliver outstanding long-term returns.”
| Brand | Returns 1 year | Returns 3 years | Returns 5 years |
|---|---|---|---|
| Travel focused brands | |||
| Ryanair | 42% | 81% | 91% |
| Carnival | 13% | 160% | 53% |
| IAG | 27% | 142% | 196% |
| Booking Group | 7% | 107% | 158% |
| Expedia | 57% | 132% | 105% |
| IHG | -4% | 77% | 119% |
| Hyatt | 5% | 44% | 130% |
| Hilton | 20% | 105% | 184% |
| Royal Caribbean Cruise | 26% | 360% | 341% |
| EasyJet | -2% | -6% | -23% |
| Airbnb | 5% | 15% | -31% |
| Marriott | 11% | 82% | 163% |
| Basket average | 17% | 108% | 124% |
Table showing performance of a basket of travel related stocks
Share price data taken at market close 27/01/2026. Index performance calculated in USD terms. Data from Refinitiv. Past performance is not an indication of future results
ENDS
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