Trip.com Group Business Model Canvas
Fully Editable
Tailor To Your Needs In Excel Or Sheets
Professional Design
Trusted, Industry-Standard Templates
Pre-Built
For Quick And Efficient Use
No Expertise Is Needed
Easy To Follow
Trip.com Group Bundle
Dive into Trip.com Group’s strategic playbook with our concise Business Model Canvas: uncover customer segments, revenue levers, partnerships and cost drivers that fuel market leadership. This snapshot sharpens competitive analysis and strategic planning—download the full Word/Excel canvas for a section-by-section breakdown and actionable insights.
Partnerships
Airline carriers and GDS alliances supply Trip.com with real-time fares, schedules and seat inventory via systems that connect to over 1,000 airlines, ensuring deep pricing depth across global routes. Preferred agreements deliver improved availability and negotiated rates, boosting margin on high-demand markets. Joint marketing and growing NDC integrations (300+ NDC-certified carriers by 2024) enable better ancillaries upsell and personalized offers.
Hotel chains, independent properties and wholesalers supply contracted room inventory to Trip.com Group, with channel performance data used to optimize allocations and promotions and improve RevPAR and conversion rates. PMS/CRS and channel-manager connectivity cut distribution errors and latency, enabling near-real-time updates. Loyalty and co-marketing deals increase conversion and encourage repeat stays.
Partnerships with national railways, coach operators and airport-transfer providers expand Trip.com Group’s multimodal inventory, supporting integrated journeys across trains, long-haul coaches and last-mile shuttles. Direct APIs and settlement rails ensure ticketing accuracy and streamline refunds, reducing transaction disputes and chargebacks. These partners enable cross-sell with flights and hotels across Trip.com’s platform, which served over 400 million active users in 2024. Local mobility coverage improves last-mile convenience and conversion in key urban markets.
Activity, tours, and destination partners
DMOs, tour operators and attraction owners supply in-destination experiences that Trip.com aggregates and markets to its user base; bundling with core travel lifts average basket size by about 20%. Time-slotting and dynamic pricing drive yield and guest satisfaction, with dynamic pricing often raising revenues 10–25%. Local content and reviews remain central to discovery, with roughly 85% of travelers consulting reviews before booking.
- Partners: DMOs, tour operators, attraction owners
- Yield: dynamic pricing +10–25%
- Basket lift: bundling +20%
- Trust: ~85% consult reviews
Payments, fintech, and loyalty ecosystems
Payments, fintech, and loyalty partners — PSPs, wallets, and BNPL — raise conversion and AOV across Trip.com markets; multi-currency settlement and advanced fraud tooling cut FX and chargeback costs while co-branded cards and loyalty exchanges boost repeat bookings; compliance partners ensure KYC/AML and cross-border regulatory adherence, supporting scaled international growth.
- PSPs/wallets/BNPL
- Multi-currency settlement
- Fraud tooling
- Co-branded cards
- Loyalty exchanges
- KYC/AML compliance
Airlines/GDS and 300+ NDC carriers supply fares and ancillaries, improving margins and upsell. Hotels, wholesalers and PMS integrations drive RevPAR and conversion; bundling lifts basket ~20%. Mobility, rail and transfers extend multimodal coverage for 400M active users (2024); payments/BNPL/fraud partners raise conversion and cut chargebacks.
| Partner | Role | Impact | Metric (2024) |
|---|---|---|---|
| Airlines/GDS | Inventory+NDC | Ancillary upsell | 300+ NDC carriers |
| Hotels | Rooms+PMS | RevPAR↑ | Basket +20% |
| Mobility | Multimodal | Conversion↑ | 400M users |
| Payments | Settlement+Fraud | Conversion/AOV↑ | BNPL/PSPs |
What is included in the product
A concise, pre-written Business Model Canvas for Trip.com Group detailing customer segments, channels, value propositions, revenue streams, key partners, activities, resources, cost structure and distribution into the 9 classic blocks. Includes competitive advantages, SWOT-linked insights and practical use for investor presentations, strategic planning and validation of travel-tech initiatives.
High-level view of Trip.com Group's business model with editable cells, relieving the pain of dispersed strategy and fragmented data by consolidating customer segments, value propositions, channels, and revenue streams into one collaborative, shareable page for fast decision-making.
Activities
Building scalable web and mobile experiences drives acquisition and retention for Trip.com Group, which served over 400 million annual active users in 2024; continuous releases iterate search, pricing, checkout and post-booking flows; reliability and speed are tuned via cloud and CDN; security and privacy are embedded across the stack.
Onboarding airlines, hotels, and activity providers — over 1.2 million hotels and 1,000+ airline partnerships as of 2024 — ensures breadth and depth of inventory for Trip.com Group. Negotiating rates, availability, and promotions with suppliers drives competitiveness and margin management. Connectivity integrations (API/GDS) maintain real-time data freshness across over 400 million annual active users in 2024. Supplier performance is managed via analytics dashboards and incentive programs to optimize conversion and fill rates.
Ticketing, confirmations, schedule changes and refunds demand robust operations across Trip.com Group, which in 2024 served customers in 200+ countries and regions; automation processes high-volume routine tasks while agents handle exceptions and complex refunds. 24/7 multilingual support resolves disruptions and special requests, reducing churn and recovery costs. Continuous quality control and audit workflows ensure regulatory compliance and SLA adherence.
Marketing and growth optimization
Performance ads, SEO, CRM and partnerships drive demand efficiently for Trip.com Group; in 2024 marketing-led channels supported a rebound in bookings as the company reported a mid-teens YoY revenue growth and sustained high GTV recovery. Rigorous experimentation and multi-touch attribution cut CAC while improving LTV; lifecycle messaging raised conversion and retention. Brand campaigns increased trust and preference in key APAC and EU markets.
- Performance ads
- SEO & CRM
- Experimentation & attribution
- Lifecycle messaging
- Brand campaigns
Data science, risk, and compliance
Pricing, personalization, and recommendations at Trip.com leverage large-scale data pipelines and machine learning to optimize yield and conversion; in 2024 the group reported continued data-driven product improvements tied to service metrics. Fraud prevention systems secure payments and accounts, cutting chargeback and fraud rates via real-time risk scoring. Compliance covers consumer rights, data protection, and evolving travel regulations across markets, while forecasting informs capacity planning and targeted promotions.
- Data-driven pricing & recommendations
- Real-time fraud prevention
- Regulatory compliance (consumer, data, travel)
- Forecasting for capacity & promotions
Building scalable web/mobile platforms and cloud/CDN tuning served over 400 million annual active users in 2024, driving acquisition and retention.
Onboarding 1.2 million hotels and 1,000+ airline partners across 200+ countries ensures inventory depth; negotiated rates and API/GDS integrations keep real-time availability.
Data-driven pricing, ML recommendations, fraud prevention and 24/7 multilingual ops supported mid-teens YoY revenue growth in 2024.
| Metric | 2024 |
|---|---|
| Annual active users | 400M |
| Hotels | 1.2M |
| Airline partners | 1,000+ |
| Countries/regions | 200+ |
| YoY revenue growth | Mid-teens |
Full Version Awaits
Business Model Canvas
The Trip.com Group Business Model Canvas you're previewing is the actual deliverable, not a mockup. When you purchase, you'll receive this same fully formatted, editable document—ready for presentation and analysis. Files are delivered in Word and Excel with all sections included, so there are no surprises.
Resources
Trip.com Group's multi-brand portfolio — Trip.com, Ctrip and Skyscanner — delivers global reach with localized UX across key markets. In 2024 the group's apps surpassed 100 million combined downloads, driving strong direct traffic that reduces dependence on paid acquisition. Established mobile apps enable push engagement and retention, while high brand equity boosts consumer trust and conversion rates.
Extensive relationships with over 1.2 million hotels, hundreds of airlines and thousands of rail and activity suppliers give Trip.com Group broad global coverage. Negotiated contracts secure preferential rates, allocation and incentive structures that boost margins and conversion. Real-time API connectivity—used across platforms—ensures pricing accuracy and rapid booking confirmation, while multi-year supplier ties provide durable defensibility.
As of 2024 Trip.com leverages rich behavioral and pricing data to inform matching and ranking across channels. Machine learning continuously improves search relevance and dynamic pricing, increasing conversion efficiency. Robust risk models reduce fraud and chargebacks, protecting margins and customer trust. Advanced analytics guide merchandising and service allocation to optimize inventory and margins.
Global workforce and service operations
Engineering, product, sales and support teams jointly deliver Trip.com Group services, with 24/7 service centers operating across time zones as of 2024 to handle multilingual customer needs. Dedicated supplier account managers drive partner quality and inventory growth while operational playbooks codify processes to ensure consistency and scalability across markets.
- Teams: engineering, product, sales, support
- 24/7 centers: multilingual, multi–timezone (2024)
- Supplier account managers: quality & growth
- Operational playbooks: consistency & scalability
Licenses, partnerships, and capital
Trip.com Group leverages travel agency accreditations and market licenses to enable global ticketing and reported about RMB 62 billion revenue in 2023, underpinning distribution. Strategic alliances and co-marketing with airlines and regional partners expand reach, while cash reserves near RMB 45 billion support promotions and disruptions. Robust legal frameworks protect IP and enforce contracts across jurisdictions.
- Licenses: global OTA accreditations
- Partnerships: airline and regional co-marketing
- Capital: ~RMB 45bn cash reserves (2023)
- Legal: IP and contract enforcement
Trip.com Group's multi-brand platform (Trip.com, Ctrip, Skyscanner) drives global reach with 100M+ combined app downloads in 2024 and strong direct traffic. Supplier network exceeds 1.2M hotels plus hundreds of airlines, supported by real-time APIs and multi-year contracts. Data and ML optimize pricing, search and fraud controls; 24/7 multilingual support and supplier account managers ensure operational scale. Reported revenue RMB 62bn (2023) with ~RMB 45bn cash reserves (2023).
| Metric | Value |
|---|---|
| App downloads (2024) | 100M+ |
| Hotel partners | 1.2M+ |
| Revenue (2023) | RMB 62bn |
| Cash reserves (2023) | ~RMB 45bn |
Value Propositions
Customers can book flights, hotels, rail, cars and activities in one place, streamlining search across Trip.com Group’s marketplace which taps into the global online travel market that exceeded $800 billion in 2024. Unified itineraries simplify planning and changes with synced bookings and real-time updates. Bundled packages drive savings and higher conversion rates; post-booking management (changes, refunds, travel alerts) keeps trips organized and reduces support friction.
Competitive, transparent pricing: rate parity across channels plus targeted promotions and member deals deliver measurable savings; Trip.com Group reported over 400 million annual users in 2024, driving scale for such offers. Real-time comparisons and filters enable informed choices and clear display of fees and cancellation policies reduces surprises. Price alerts notify users of favorable windows, improving timing and conversion.
Always-on 24/7 multilingual support handles disruptions and special needs for Trip.com Group customers, serving over 400 million annual users worldwide, improving recovery times for irregular operations. Local language coverage boosts satisfaction and trust across key markets. Proactive alerts and push notifications minimize stress during delays or cancellations. Clear escalation paths resolve complex cases quickly, reducing dispute durations and protecting revenue.
Seamless mobile experience and loyalty
Intuitive Trip.com apps integrate search, booking, in-app chat and offline itineraries to streamline trips; in 2024 Trip.com continued mobile-first enhancements and TripPLUS loyalty to boost repeat use. Tiered points and personalization cut decision time and increase retention, while in-app wallets and one-tap checkout lift conversion.
- Mobile-first
- TripPLUS tiers
- Personalization
- Fast checkout
Corporate travel efficiency
Corporate travel efficiency: policy controls, layered approvals and negotiated rates lower negotiated fare spend while centralized billing and consolidated reporting simplify accounting and invoicing. Duty-of-care tools provide real-time alerts, location-based traveler tracking and emergency support to enhance safety. Integrations with HR and expense systems such as SAP Concur streamline workflows and reconciliation.
- Policy controls: enforceable approvals and negotiated rates
- Accounting: centralized billing and consolidated reporting
- Safety: real-time alerts and traveler tracking
- Integrations: HR and expense platforms (eg SAP Concur)
One-stop booking for flights, hotels, rail, cars and activities, simplifying itineraries and real-time updates; bundled packages raise conversion and savings. Competitive, transparent pricing with targeted promotions leverages scale; Trip.com Group served over 400 million annual users in 2024. 24/7 multilingual support, mobile-first apps and TripPLUS loyalty boost retention and reduce support friction.
| Metric | 2024 |
|---|---|
| Global online travel market | $800B+ |
| Trip.com Group users | 400M+ annual users |
Customer Relationships
Guided self-service flows let users search, book, change, and refund with step-by-step prompts, supporting Trip.com Group’s 2024 scale of about 450 million annual active users and over 70% mobile booking share, reducing friction and errors.
Contextual help, dynamic FAQs, and chatbots cut contact center demand, with self-service reportedly handling more than 60% of routine queries in 2024, lowering service costs per booking.
Centralized account areas present trips, itineraries, and receipts in one place, improving transparency; clearer pricing and refund visibility in 2024 drove higher repeat bookings and customer confidence.
24/7 assisted support via live chat, phone, and email resolves time-sensitive issues for travelers globally, with rapid escalation for disruptions. Multilingual agents handle rebooking and irregular operations across 200+ countries and regions to minimize itinerary impact. Priority lines serve premium and corporate users for faster SLA adherence, and systematic post-trip follow-up closes the loop to capture feedback and recovery metrics.
Loyalty tiers, points and exclusive member rates drive retention on Trip.com, leveraging its 2024 global footprint in over 200 countries and regions. Personalized offers use booking history and preferences to push targeted discounts and upgrades. Member services deliver perks like complimentary upgrades and late checkout. Gamified milestones and achievement rewards sustain ongoing engagement.
Proactive communications
Proactive communications deliver real-time flight and gate updates to cut traveler uncertainty, while price and availability alerts improve planning; Trip.com leverages instant disruption notifications to push alternatives and post-booking reminders to keep travelers prepared, supporting service continuity as global air travel recovered to about 4.3 billion passengers in 2024 (IATA).
- Real-time updates reduce missed connections
- Price alerts boost conversion
- Disruption notices enable rebooking
- Reminders cut no-shows
Community reviews and content
- users_2024: 400M+
- reviews_photos: user-generated
- verification: trust metrics
- feedback: supplier quality
Guided self-service and chatbots supported ~450M users in 2024, with >70% mobile bookings and >60% routine queries handled, cutting service costs. 24/7 multilingual support and priority SLAs reduced disruption impacts across 200+ countries. Loyalty tiers, personalized offers and verified reviews boosted repeat bookings and conversion.
| Metric | 2024 |
|---|---|
| Active users | ~450M |
| Mobile booking share | >70% |
| Self-service query rate | >60% |
| Global reach | 200+ countries |
Channels
iOS and Android apps deliver Trip.com Group’s core booking experience, driving the majority of transactions through a mobile-first interface; in 2024 the group reported over 100 million mobile monthly active users. Push notifications increase engagement and provide real-time service updates and offers. In-app chat supports customer care and dispute resolution. Native features enable integrated payments and offline access for itineraries and maps.
Localized websites offer comprehensive search and account tools across markets, driving high engagement from Trip.com Group's reportedly over 430 million annual active users in 2024. SEO-focused pages capture intent-driven traffic efficiently, contributing to organic bookings growth. Secure checkout supports multi-currency, global payment rails and local methods, reducing payment abandonment. Rich content and millions of verified reviews boost conversion by improving trust and purchase confidence.
Distribution via metasearch engines expands Trip.com Group reach into channels that in 2024 drove roughly 20% of OTA referrals, while CPC and CPA models enable cost-per-acquisition optimization to improve ROI. Affiliate partners target niche audiences—local tour operators and content sites—boosting long-tail demand. Real-time price feeds and deep links streamline handoff to booking flow, reducing friction and abandonment.
Social and messaging
Social ads and content on platforms drive awareness and demand for Trip.com Group while messaging channels (in-app chat, WeChat, WhatsApp) support service and time-limited promotions; Trip.com operates in 200+ countries and regions, enabling localized influencer and KOL campaigns across key Asian and European markets to build trust and conversion.
- Social ads: awareness → demand
- Messaging: service + promotions
- Influencers/KOLs: localized marketing
- Community: trust & repeat bookings
Corporate sales and APIs
Corporate sales target enterprises and SMEs, signing thousands of business clients and driving tailored contracts; TMC and OTA APIs power white-label bookings and integrations, handling millions of API calls daily in 2024; partner portals offer self-management and reporting; SLAs commit to 99.9% uptime for reliability.
- Direct sales: enterprises & SMEs
- TMC/OTA APIs: white-label & integrations
- Partner portals: self-management
- SLAs: 99.9% uptime
Mobile-first apps (100M MAU in 2024) and localized websites (430M annual active users) drive core bookings; metasearch/affiliates supply ~20% OTA referrals. Social, messaging and KOLs enable localized demand and service; corporate sales, TMC/OTA APIs (millions API calls/day) and partner portals support B2B with 99.9% SLA across 200+ countries.
| Channel | Key metrics 2024 | Role |
|---|---|---|
| Mobile apps | 100M MAU | Primary bookings |
| Websites | 430M annual users | Discovery + conversions |
| Metasearch | ~20% referrals | Demand expansion |
| Social/Messaging | 200+ countries | Awareness & service |
| Corporate/API | Millions API calls/day | B2B integrations |
Customer Segments
Leisure travelers—individuals and families planning vacations and short breaks—prioritize convenience, discovery and value deals when booking through Trip.com Group. They seek bundled offers and flexible cancellation or change policies and often book package itineraries. Decision-making heavily depends on peer reviews and rich visuals like photos and videos. Trip.com serves over 200 countries and lists more than 1.2 million hotels globally.
Business travelers demand reliability and speed, relying on Trip.com Group for fast bookings and 24/7 priority support; GBTA estimated global business travel spend at $1.2 trillion in 2024. Flexible change policies and loyalty benefits drive corporate adoption, with mobile apps and seamless tools central to workflows. Clear invoicing and compliance-ready reporting are expected by finance teams.
Corporate travel managers oversee policy, approvals and spend, demanding centralized billing, duty-of-care reporting and robust analytics; they drive supplier negotiations to secure preferred rates and controls. Global business travel spending, projected to exceed $1.6 trillion in 2024, elevates the importance of scalable solutions that integrate with HR and expense systems for real-time compliance and cost management.
Budget and deal seekers
Budget and deal seekers on Trip.com Group compare dates and providers heavily, responding to alerts, coupons and member pricing; many are flexible on brands and times and prioritize transparent fees and cancellation terms. In 2024 the global online travel market reached about US$900 billion (Statista), underscoring scale for price-driven demand. This segment drives promotional redemption and off-peak inventory fill.
- Price-sensitive comparator
- Responds to alerts/coupons/member pricing
- Flexible on brand/time
- Requires transparent fees/cancellations
Experience-focused explorers
Experience-focused explorers prioritize activities and local culture, seeking curated tours, timed slots and skip-the-line access bundled with flights and hotels; Trip.com Group expanded its experiences inventory to serve over 400 million users in 2024 to capture this demand. They value personalized recommendations and insider tips delivered via app and local partners, increasing conversion and ancillary revenue. Curated bundles drive higher ARPU and longer bookings.
- target: experience-led travelers
- needs: curated tours, timed/skip-the-line
- offer: bundles with core travel
- value: recommendations/insider tips
Leisure, business, corporate managers, budget seekers and experience-focused travelers form Trip.com Group’s core segments, each driven by convenience, price, loyalty and curated experiences. Trip.com lists >1.2M hotels across 200+ countries and served 400M+ users for experiences in 2024; global online travel market ~US$900B in 2024. Segments convert via mobile UX, flexible policies and bundled offers.
| Segment | 2024 metric | Key need |
|---|---|---|
| Leisure | 200+ countries, 1.2M+ hotels | bundles, reviews |
| Business/Corp | GBTA: $1.2T biz travel | speed, reporting |
| Budget | market $900B | deals, transparency |
Cost Structure
Performance ads, SEO, metasearch CPC and affiliate commissions drive most variable marketing costs for Trip.com Group, while brand spend is maintained to support long-term demand. CRM, loyalty incentives and targeted coupons add retention costs and raise marginal CAC. Attribution models and dynamic bidding materially affect marketing efficiency and ROI, shifting spend between direct response and brand channels in 2024.
Engineering salaries, cloud hosting and third-party API fees form the bulk of Trip.com Group’s fixed and semi-variable technology costs across 200+ markets, driving predictable operating leverage. Ongoing investments in security, data platforms and developer tooling are material line items supporting compliance and personalization. Continuous delivery mandates extensive automated testing and monitoring, while R&D funds new features and AI model development to maintain competitiveness.
Contact center staffing and training scale directly with booking volumes, driving variable labor costs as demand fluctuates; telephony, CRM, and QA platforms add steady SaaS and integration overhead. Strategic outsourcing and regional hubs are used to balance lower labor cost and 24/7 coverage while controlling fixed costs. Occasional service credits and goodwill payments create infrequent but material expense spikes tied to major disruptions.
Payment and risk
Payment service provider fees (typ. 1.5–3.5% + $0.10–$0.30), FX spreads (0.5–2%) and chargebacks ($15–$30 each) plus fraud losses (0.5–1.5% of GMV) compress margins; risk tooling and KYC cost roughly 0.1–0.5% of revenue. Multi-wallet acceptance raises integration and settlement complexity, while reconciliations require ongoing operations headcount and tooling.
General and administrative
General and administrative costs cover corporate staff, global offices and professional services as baseline expenses; licenses and regulatory compliance remained mandatory in 2024, while legal fees and insurance protect operations against booking disputes and liability; travel tax collection and remittance processing add operational complexity and variable costs across jurisdictions.
- Corporate staff, offices, professional services
- Licenses and regulatory compliance
- Legal and insurance protection
- Travel tax and remittance processing
Variable marketing (performance ads, metasearch CPC, affiliates) and retention (CRM, coupons) drive CAC volatility; 2024 shifts toward dynamic bidding improved ROI. Tech (engineering, cloud, APIs), contact centers and fraud/KYC are the main fixed/semi-variable cost pools. PSP fees, FX spreads, chargebacks and fraud materially compress margins.
| Cost Item | 2024 Typical Range |
|---|---|
| PSP fees | 1.5–3.5% + $0.10–$0.30 |
| FX spread | 0.5–2% |
| Chargebacks / fraud | $15–$30; 0.5–1.5% GMV |
| KYC/risk tooling | ~0.1–0.5% revenue |
Revenue Streams
Commissions from accommodation and in-destination bookings are a core revenue driver for Trip.com Group, delivering higher margins than air and raising the blended take rate; preferred placements and promotional deals convert into direct monetization while negotiated volume bonuses with hotels and local operators further enhance yield and margin per booking.
Service fees and net margins on flights, rail and bus are core revenue drivers for Trip.com Group, with ancillary upsells (seat, baggage, insurance) typically lifting per-order value by about 8–12% in industry benchmarks; NDC and direct connects improve economics by reducing distribution costs and increasing merchant take-rates, while change fees and bundled service packages generate steady incremental income.
Sponsored listings, display ads and metasearch monetization deliver high-margin revenue for Trip.com Group by converting supplier marketing funds into premium placements and exposure; targeted audience segmentation raises CPMs and measurable ROI across campaigns. Supplier-funded promotions drive preferred visibility in search and package deals, while seasonal campaign coordination concentrates spend around peak travel windows to maximize yield and conversion.
Corporate travel and TMC fees
Corporate travel and TMC fees combine subscription, management and per-transaction charges from enterprises and SMEs; Trip.com Group can premium-price custom implementations and SLAs. Savings-based models and rebates align incentives with clients, while duty-of-care and advanced reporting are paid add-ons; global business travel spend exceeded about $1.3 trillion in 2024.
- Subscription fees
- Management & transaction fees
- Premium SLAs/custom implementations
- Savings-based/rebate models
- Duty-of-care & reporting add-ons
Ancillaries and financial services
Ancillaries and financial services—travel insurance, seat selection, baggage, and transfers—boost Trip.com Group margins by adding high-margin fees and per-booking uplift; currency conversion and payment convenience fees also contribute predictable fee income. Loyalty breakage and partnerships generate recurring float and commission revenue, while premium support bundles deliver higher-touch, higher-ARPU services.
- Ancillaries: higher-margin upsells
- Payments: conversion & convenience fees
- Loyalty breakage: recurring income
- Premium support: higher ARPU
Trip.com Group revenue mixes toward higher-margin accommodation and in-destination services, with commissions and negotiated supplier bonuses raising blended take-rates. Ancillaries and payment fees lift per-order value—industry ancillary uplift ~8–12%—while sponsored listings and metasearch deliver high-margin media income. Corporate travel and TMC fees tap a global business travel market ~$1.3 trillion in 2024, adding subscription and transaction revenue.
| Metric | 2024 |
|---|---|
| Ancillary uplift | 8–12% |
| Global business travel | $1.3T |