NEW YORK: A gloomy forecast from vacation rental firm Airbnb weighed on travel-related stocks on Wednesday as an expected slowdown in bookings signalled an impending slump in travel demand with consumers seeking cheaper accommodation amid inflation and recession fears.
Airbnb's forecast will heighten caution in the travel sector, which encompasses hotels, airlines, and vacation rental firms, according to an investor note by JPMorgan analysts, led by Doug Anmuth. The S&P 1500 Airlines index was down about 3 per cent on Wednesday, with Delta Air Lines Inc, American Airlines Group Inc, and Southwest Airlines Co among the biggest losers.
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