Booking Holdings Set to Ride Upsides of Europe and China Trends in 2023
Skift Take
Booking Holdings shed its entire stake in China's Trip.com Group at a loss of $130 million in 2020. But Booking retains a substantial foothold in China outbound travel that it can ride to advantage in 2023.
At various junctures during the pandemic, Booking Holdings faced difficulties because of the weakness of the euro and China's shuttered borders but now stands to make strides because of favorable foreign exchange trends and China's travel reopening.
That could bring a larger upside for Booking in 2023 compared with Airbnb and Expedia Group because Booking has larger businesses in Europe and China outbound than its two rivals, according to a BTIG research note Tuesday.
The more favorable exchange rate trend, with inflation cooling in Europe, could help to mitigate adverse trends such as the 14-point foreign exchange rate hit that Booking Holdings experienced during the third quarter, which ended September 30.
