One area where we begin to see consumption weakness : tourism. THL just did a major profit warning, due both to the weakness for the sale of ex rental campervans and, more recently, weakness for their rental business in the Australasian region. Today, Airbnb (- 8 % after market) also disappoints with guidance under expectations. It guided for a revenue growth of 8 % to 10 % yoy revenue growth for Q2 vs + 18 % yoy for Q1. It also expects an adjusted EBITDA margin decrease in Q2 24 (vs Q2 23) due in particular to higher marketing expenses.
However, it is also interesting to note that this has not affected Flight Center which has just reaffirmed its guidance this week, in a presentation at Macquarie conference.
