At the 2024 TravelDaily Conference in Shanghai, Glenn D. Fogel, CEO & President of Booking Holdings, engaged in an in-depth virtual discussion with TravelDaily’s CEO Charlie Li on the topic of “How Are Global OTAs Evolving in the AI Boom?”
Fogel shared Booking’s practical experiences and future outlook on AI, discussing the technology’s impact on the industry and the company’s competitive strategies.
Key Highlights:
AI’s Role in Travel: Fogel emphasized that travel companies have been leveraging AI for years, with Booking Holdings starting a machine learning journey over a decade ago. He believed that the role of generative AI is not overhyped, as its potential is incredibly exciting. But he agreed that no truly game-changing applications for the industry have emerged just yet.
Performance in Greater China: Commenting on recent declines in RevPAR and ADR for several international hotel chains in Greater China, Fogel pointed out that the slowdown is more likely due to oversupply rather than reduced travel demand or economic downturns. He remains optimistic about the long-term prospects of the travel industry and is not concerned by short-term fluctuations.
Regulatory Challenges: Following the European Digital Markets Act (DMA)’s designation of Booking as a "gatekeeper," Fogel noted that while the regulation will increase the company’s workload, it is unlikely to impose significant restrictions. He expressed his hope that such regulations would either apply to more companies or to none at all, instead of singling out specific firms like Booking Holdings.
