Online travel stocks fell on Wednesday on new data that showed international tourism to the U.S. is weakening.
While the World Travel & Tourism Council reported that global tourism spending rose 6.7% in 2025, reaching about $11.7 trillion, the U.S. registered a 6% drop in foreign visitors in 2025, with international tourist spending falling 7% as arrivals from key markets such as Canada, Mexico, and Europe declined notably. The World Travel & Tourism Council estimated that about 68 million foreign tourists visited the U.S. last year, well below France’s 105 million and Spain’s 96.5 million visitors. Despite the international weakness, strong domestic travel has helped keep the U.S. the world’s largest overall travel and tourism economy, even as it loses market share in the global competition for international visitors.
Analysts have pointed to backlash against U.S. immigration policy as one of the factors in the decline in foreign tourism.
Decliners include Airbnb (ABNB) -6.6%, Expedia (EXPE) -5.7%, Booking Holdings (BKNG) -4.2%, and Global Business Travel Group (GBTG) -5.5%.