10 December 2025 Global Hotels & Leisure Online Travel Agents: 'Tis the Season to Book. Q4 demand shaping up well, but will AI be the Grinch? Richard J. Clarke, FCA +44 20 7676 6850 richard.clarke@bernsteinsg.com Niall Mitchelson +44 20 7676 7144 niall.mitchelson@bernsteinsg.com In this note we look at the latest traffic data for online travel as an early indicator for Q4. The good news is demand looks strong, all companies' traffic suggest volume is running ahead of consensus by 1-2%. Guidance baked in som ...