Travel Insights: A Note From Our CFO

Travel Is The Only Thing You Can Buy That Makes You Richer

A few words from Yves Perrenoud, CFO at Travel Sentry

International Air Transport Association (IATA) reports that travel is increasing, and most experts concur that we want more of it. So, what exactly does that tell us for the year ahead? 

Let’s start with the recent past: air travel in 2025 was defined less by dramatic rebounds and more by stabilisation. Demand continued to grow, but the pace of growth slowed after the sharp post-pandemic surges of previous years. 

Industry-wide traffic expanded by 5.3% year on year. A key feature of 2025 was the divergence between international and domestic markets. International travel remained the primary engine of growth, rising 7.1% over 2024, while domestic markets increased by only 2.4%. The US domestic market drove that trend not only because of its maturity but also because of external shocks, including declines in consumer confidence and in government and business travel. This is a reminder that (a) travel is a resilient industry and (b) everything affects travel, whether at the macro or micro level. 

Looking ahead, 2026 is expected to be another year of recalibration rather than acceleration. The strong international momentum seen in 2025 is likely to continue, with IATA expecting 5% RPK growth, again driven by international routes. Airlines will focus on optimising networks rather than aggressively expanding them. Let’s not forget that Airbus and Boeing are still working through backlogs, and airlines are missing the aircraft needed to operate additional routes. Simply put, affordability will be harder to find in the short term, but investment in tech and simpler processes throughout could drive new efficiencies. 

Regarding luggage, the offer will continue to diverge between premiumisation and commoditisation. Innovation will drive the first, while the price will define the latter. Both categories are expected to grow in 2026; however, it is difficult to predict which will grow faster. 

In essence, 2026 will build on the normalisation of 2025: a year in which the industry moves from recovery to refinement, navigating constraints while adapting to a more complex and differentiated global landscape. The luggage industry will continue to grow, driven by demanding consumers seeking innovation or affordability. “Everything changes but change itself”, right?