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Travel agents and agencies can help you plan and book your trip to New Zealand, whether you're on a budget or wish to experience a luxury holiday.

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If you see a ‘100% Pure New Zealand Specialist’ logo beside a travel agent listing, it means they are an accredited expert on New Zealand airlines, accommodation, activities, and more. They have undertaken specific training with Tourism New Zealand to increase their knowledge of our country.

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What do Gold, Silver, and Bronze mean?

Each New Zealand Specialist listed on this website has either Gold, Silver, or Bronze status. These statuses are only available through the 100% Pure New Zealand Specialist Programme (NZSP). The status of a specialist may change over time depending on what NZSP modules and training the specialist completes.

All specialists must have completed 10 modules as part of the NZSP. In addition:

Bronze means that the specialist has also completed at least two additional modules every 24 months since achieving Bronze status.

Silver means that the specialist has at a minimum also:

• attended one NZSP Training Session (in the specialists’ country or via webinar); 
• completed two additional modules every 24 months of achieving Silver status; and
• attended one Training Session every 24 months of achieving Silver status.

Gold means that the specialist has at a minimum also:

• visited New Zealand;
• completed two additional modules every 24 months of achieving Gold status; and
• attended one Training Session every 24 months of achieving Gold status.

About travel agent listings

The travel agent listings on newzealand.com are prepared by travel agents.

This website is a platform to help connect visitors with travel agents, but Tourism New Zealand does not verify all of the information provided, and in using this website you acknowledge that Tourism New Zealand is not responsible for verifying the information provided by those travel agents. This website is not intended to provide assurance that any particular travel agent meets certain quality standards or legal obligations.

To the maximum extent permitted by law, Tourism New Zealand expressly disclaims all responsibility and liability for any information in a travel agent listing. You acknowledge that if you rely on any such information, you do so solely at your own risk. Your use of this website is subject to the terms of use. You must not access or use this website unless you accept all of these terms of use. By accessing and/or using this website you agree to be bound by these terms of use.

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Travel 101: Booking Direct Vs. Online Travel Agents Vs. Travel Agents

Nz pocket guide is 10 years old. thank you for trusting us with your trip for over a decade, should you book direct, book online or book through a travel agent.

Planning a trip is a huge task! With so many different ways to book transport, activities and accommodation, it’s not always clear where you are getting the best deals or what’s going to be the easiest. We’ll go through the pros and cons of booking direct, booking with online travel agents and booking with travel agents in this guide.

While booking direct might be cheaper than booking with an online travel guide, you may find it’s harder to cancel and get your money back if things don’t go to plan. What’s more, you might even want to consider using a travel agent if the word “planning” scares you. Whatever booking method you prefer, we will tell you a few tips about each in the conclusion at the bottom of this article so be sure to scroll all the way down!

To help you save more money on your travels, be sure to check out the 11 Ways to Save Money and Stretch Those Dollars Further .

Booking Accommodation, Transport and Activities

These are the three main aspects of your travel that you will have to book. We’ll go through the pro and cons of booking direct, booking with an online travel agent, and booking with a travel agent below. Before that, see our tips for each type of travel booking in the following articles.

• Accommodation: What are the Best Websites to Book Hostels in New Zealand?
• Flights: How to Book a Cheap Flight to New Zealand
• Transport Around New Zealand: What You Need to Know About Booking Transport in New Zealand
• Activities: The Essential Guide to Booking Activities in New Zealand .

Booking Direct: The Pros and the Cons

With any travel company, whether it’s airlines, buses, car rentals, activities or accommodation, you have the option to book direct. In most case, you can book directly online. But because this is New Zealand and it can sometimes be a bit behind the times, in some small instances, you may have to book over the phone, by email or at their office.

What We Like About Booking Direct

Booking direct means the money you are paying for the service is going straight to the company. They get the reward for giving you the experience, as they don’t have to pay commission to travel agents. It helps support the business and gives you good karma.

You usually get the cheapest deals when booking direct! Without the middleman, which is the travel agent, there is no commission to be paid therefore they don’t have to raise their prices to make sure they are making a profit. If you do find a deal cheaper elsewhere, however, then it’s as simple as contacting the company directly and seeing if they will match the price. In most cases, they will.

In the case of airlines and some accommodation, they will give you better seats or rooms than they have listed with travel agents or online travel agents. They usually save the best services for direct bookings.

Making changes to your booking is more likely to be straightforward when booking direct than when having to go through an agent.

Because you are in charge of your own itinerary, you’re more likely to stick to your budget, rather than being tempted by add-ons that travel agents suggest.

What We Don’t Like About Booking Direct

This involves a lot of planning on your part. You have to take the time to do price comparisons on websites that links directly to several direct airlines (as well as online agents) for example, contact the companies and make your bookings. Make sure your itinerary all adds up and you don’t plan things on the wrong days or the wrong times!

In many cases, the cancellation policies with companies are pretty strict meaning you may not get a full refund if you cancel.

Booking with an Online Travel Agent

Online travel agents, or OTAs, are the websites you use to compare prices of flights, activities and accommodation. Think Booking.com and Hostelworld for accommodation, Viator , Tripadvisor and Tour Radar for activities and tours and more agent suggestions provided by meta-search engines like Skyscanner, for instance. You can find more details of using OTAs for accommodation in What are the Best Websites to Book Hostels in New Zealand?

What We Like About Online Travel Agents

They are at your fingertips! OTAs are so easy to use and can be accessed whenever it suits you. We all know how the Internet works – it’s just crazily convenient.

They do the comparisons for you. You can get an idea of what accommodation or flights suit your budget when they are compiled in a list together.

Once you have used them once, it’s easy to just use the same account to book activities and accommodation all over the country.

Online booking agents have more relaxed cancellation policies. To be listed on their websites, travel companies must adhere to their terms and conditions which usually involves cancellation policies with full refunds. This means you are not committed to staying in a specific accommodation or doing an activity. You can be more flexible.

Sometimes, these websites are the only places to book travel. Take Airbnb, for instance. You usually cannot find the spare rooms of locals listed anywhere else. Take a look at Everything You Need to Know About Airbnb in New Zealand .

Online Travel Agents often have reviews and ratings, which are more likely to be trustworthy compared to the positive ones used to advertise on the travel company’s own website.

What We Don’t Like About Online Travel Agents

They are not always the cheapest. You can sometimes find cheaper when booking direct. Some OTAs may involve extra fees to book with them.

The rooms or seats listed on OTAs are not necessarily the best ones.

Some booking sites can be misleading when saying there are “only two beds left” in an accommodation. What it really means is there are only two beds that can be booked through that specific website. You may still be able to book directly.

Most OTAs are based overseas, which means your money is going out on New Zealand and can have a negative impact on small New Zealand businesses.

Booking with a Travel Agent: The Pros and the Cons

Travel agents are companies who plan and book your travel for you. They can be travel agents from your home country or ones with offices in New Zealand. Think STA, Flight Centre, Student Flights, etc. Many hostels across the country also have travel desks which are travel agents.

What We Like About Travel Agents

They organise your itinerary for you. This takes the stress out of planning your travels.

Travel agents have often done free trips for activities so they can recommend them to you. This can be a good thing, but remember that the free trips they experience may be slightly different from the paying customer experience.

Some travel agents can offer good combination deals.

They can help you with the nitty-gritty of visas, and other things that you might not have thought about when planning your trip.

You only have to speak to one person. If there are any changes, then the travel agent can make those changes on your behalf.

What We Don’t Like About Travel Agents

Booking with an agent can be a little pricier considering they are paid commission from the travel products they sell, plus the service of planning the trip and booking for you. This is where it is important to use comparison websites to make sure you get a good deal as prices wildly vary from one agent to the other.

Like OTAs, many of the travel agent companies are overseas companies meaning the money is going out of the New Zealand economy. Try using travel desks of hostels or New Zealand-based agents for more ethical travel.

Travel agents may be less flexible with your itinerary, only able to offer you the specific products they sell.

They often are unable to match prices (or particularly cheap prices) due to not making enough commission.

Overseas travel agents have been known to charge outrageous prices to customers who don’t know any better until they land in New Zealand and see much cheaper deals. By then, it’s too late.

In Conclusion…

Choose a booking method which best suits you. If you are hopeless at organisation and are a complete newbie to travelling, then you might want to use a travel agent. Using a travel agent based in New Zealand is where you will find better travel agent deals.

On the other hand, if you prefer to be in charge of your own itinerary and budget, then we suggest using a mix of online booking agents and booking direct. You can use online booking websites as a tool to compare the prices of flights and deals. Once you have found a deal that you like, visit the direct website of the travel company and see if the price matches the deal and book! If the price doesn’t match, then it’s usually as simple as contacting the company directly and they will match the price.

For more advice on getting the best deals for travel, take a look at How to Book a Cheap Flight to New Zealand .

More About Travel Bookings in New Zealand

• BBH, YHA, BASE or NOMADS: What is the Best Hostel Network?
• Flight to New Zealand: Return Vs. Open Return Vs. One Way
• 30 Tips for Backpacking in New Zealand

The information in this guide has been compiled from our extensive research, travel and experiences across New Zealand and the South Pacific, accumulated over more than a decade of numerous visits to each destination. Additional sources for this guide include the following:

• Tourism New Zealand (General travel advice - Updated [2024])
• Immigration New Zealand (Visa and immigration advice - Updated [2024])
• New Zealand Customs Service (Customs and Biosecurity - Updated [2024])
• New Zealand Traveller Declaration (NZTD online platform - Updated [2024])
• Tiaki Promise (Care for people place and culture - Updated [2024])
• Safe Travel (NZ travel advisories - Updated [2024])
• Stats NZ (Statistics and travel data - Updated [2024])
• Waka Kotahi NZ Transport Agency (Road and transport tips - Updated [2024])
• DriveSafe (Road safety - Updated [2024])
• Council websites and freedom camping maps (Local travel advice region by region - Updated [2024])
• AdventureSmart (Know before you go - Update [2024])

Our editorial standards : At NZ Pocket Guide, we uphold strict editorial standards to ensure accurate and quality content.

About The Author

This article has been reviewed and approved by Robin, who is the co-founder of NZ Pocket Guide. With more than 15 years of experience in the New Zealand tourism industry, Robin has co-founded three influential tourism businesses and five additional travel guides for South Pacific nations. He is an expert in New Zealand travel and has tested over 600 activities and 300+ accommodations across the country.

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• We have a dedicated Schedule change team to advise you of any changes in your departure timings
• Book with confidence

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Testimonials

Your satisfaction is our success.

I recently had the pleasure of booking my flight tickets through Singh Travel, and I must say it was an exceptional experience from start to finish.

Highly Recommend! Superb Experience!! Everything was perfectly arranged by Singh Travels.

Singh Travel provided an incredible journey from New Zealand to Delhi. Their attention to detail, knowledgeable guides, and seamless logistics made the trip unforgettable.

Prepare to be welcomed by the world.

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BINGE ON TRAVEL

Fiordland Wilderness Luxury Stay Package

Designer of bespoke luxury travel experiences in new zealand, escape the ordinary - live the extraordinary.

Welcome to Binge On Travel, a luxury travel agency, dedicated to connecting luxury travellers with the best luxury travel experiences across New Zealand. Providing a personalised service, designed to cater to your every need.  Travel should be an escape from the ordinary, a chance to live the extraordinary and create memories that stay with you long after you've returned home.  

My mission is to provide you with the best luxury travel experiences, allowing you to unwind and savour each moment.

Discover Binge On Travel, your one-stop shop for creating and customizing your luxurious travel journey in New Zealand.

Tailored Escapes

From luxury groups to ultimate honeymoons choose your tailored escape that’s perfect for you. offering hidden gems and latest offerings, to give you a unique itinerary in one place., tailored escapes that are designed for the individual..

I understand that every traveller is unique, which is why I offer a complete tailored approach to travel. My name is Christine Hopkins, founder & your personal luxury travel advisor who works closely with you to design bespoke itineraries that are tailored to your individual preferences and needs. Whether you are looking for a family getaway or a romantic escape, I have the expertise to create an itinerary that is unique to your requirements. From providing the hidden gems to the latest offerings, I bring you a unique and unforgettable travel experience.

Luxury Stays

Enjoy handpicked accommodation to create a stay to suit your experience. from private residences, exclusive villas to exquisite luxury lodges & boutique hotels - an unforgettable stay is a big part of your journey., luxury accommodation to suit your travel style.

I understand accommodation plays a big role in your travel experience, which is why I offer handpicked options to suit your needs. My experiences across New Zealand allow for an unbiased and sound insight into which experiences will fill a clients desires. From private residences and exclusive villas to exquisite luxury lodges and boutique hotels, my aim is to provide you with the perfect stay to match your required experience. I am dedicated to ensuring that you have a comfortable and luxurious stay, from the moment you arrive until the moment you leave.

Experiences

Extraordinary experiences to deliver a personalised immersive journey., a collection of rich & rewarding travel experiences.

At Binge On Travel, I believe that travel should be an immersive experience, which is why I partner with the best operators in New Zealand to offer a range of extraordinary experiences designed to deliver a personalised journey. From private tours to once-in-a-lifetime activities, my aim is to create a trip that is truly memorable for you.  Each itinerary is dedicated to ensure you have a journey like no other; with a range of experiences that are designed to cater to your individual preferences.

CREATING NO TWO TRIPS THE SAME

Specialising in designing bespoke itineraries, i work with you one on one to tailor your trip to make it unique and exclusive to you..

Christine Hopkins

Founder | managing director.

With over 30 years within the travel industry, I can add a touch of inspiration to your itinerary as I dedicate my time to managing everything from land arrangements, sightseeing to your dinner reservations. I started this business with three passions in mind – Luxury Travel, Food & Wine. Building strong relationships with local operators, I connect you with some of the incredible hidden gems our country has to offer...

Designing adventures with creativity and flawless execution. Offering hidden gems and latest offerings, to give you a unique itinerary in one place.

Testimonials, "chris has been organising our travel for a few years now and has gone above and beyond to deliver for us the best family holidays. we returned from a trip to europe last year where she gave us the best advice and booked the most incredible places for us to stay. we had exclusive access to our own private villas based in france & italy and a stunning city apartment in paris that we would never have been able to find ourselves all transfers and local sightseeing arrangements went like clockwork. we can't wait to book our next adventure with you.", escape the ordinary  -  live the extraordinary.

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• Oceania Tours
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• Tour Operators

Top Tour Operators and Travel Agencies in New Zealand 2024/2025

Top Tour Operators and Travel Agencies in New Zealand. Below you will find 18 of the best tour operators and travel agencies in New Zealand offering in total 125 tours and holidays through-out New Zealand. Combined they have received 155 customer reviews and an average rating of 5 out of 5 stars. The top tour activities offered in New Zealand are: Adventure and sport, Sightseeing, attractions, culture and history & Wildlife, landscapes and nature.

• Tours in New Zealand
• New Zealand Travel Guide
• Best Time to Visit New Zealand

18 Tour Operators in New Zealand with 155 Reviews

G Adventures

• Address G Adventures Ltd, 60 Bastwick Street, London, England
• Response Rate 90%
• Response Time 2 hours

• Best-in-Class Top 5% of companies
• Excellent Service Top 10% of companies
• Superior Service Top 15% of companies

Real New Zealand Tours Limited

• Address S.B.A. Suite 2, 62 Riccarton Road , Christchurch, New Zealand
• Response Rate 98%
• Response Time 3 hours

Exodus Travels

• Address Grange Mills, Weir Road, London, England
• Response Rate 85%

• Address Nelson House, 55-59 Victoria Rd, Farnborough, England
• Response Rate 95%
• Response Time 1 hour

• Address 38-51 Bedford Way, London, England
• Response Rate 88%

Intrepid Travel

• Address 380 Lonsdale Street, Melbourne, Australia

• Address Picquet House, St Peter Port, Guernsey, London, England

Scenic Luxury Cruises and Tours

• Address 15/56 Pitt St, Sydney, Australia
• Response Rate 74%

• Address Gillies Ave Office Park Suite 101, 27 Gillies Ave, Newmarket, Auckland, New Zealand

Collette Tours

• Address 162 Middle Street, Pawtucket, Rhode Island, USA

Luxury Gold

• Address 33 Kern Road, Toronto, Canada
• Response Rate 60%

• Response Rate 92%

• Address 109 Power Road, Chiswick, London, England
• Response Rate 81%

Indus Travels

• Address 233, 11951 Hammersmith Way, Richmond, Canada

Traveling to New Zealand? Chat with a local travel specialist in New Zealand who can help organize your trip.

New Zealand Tour Reviews

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• New Zealand small group tours
• New Zealand solo trips
• New Zealand tailor-made vacation packages
• New Zealand tours for senior citizens
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• New Zealand group tours
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Best-Rated Travel Agents

Compare travel agents in New Zealand at Canstar Blue. YOU Travel & Cruise, Eco Travels, Helloworld Travel, Orbit World Travel, House of Travel, Flight Centre and XTravel were compared on Overall Satisfaction, Communication & Advice, Level of Knowledge, Friendliness of Agent and Price of Trip.

See our Ratings Methodology .

Most Satisfied Customers | YOU Travel

YOU Travel & Cruise is your go-to for professional travel service & advice, earning top 5-Star scores across all our ratings categories and taking home Canstar Blue’s 2024 Award for Most Satisfied Customers | Travel Agents.

How we rate travel agents

Our review compares travel agents on customer satisfaction, so you can discover what other Kiwis think about our compared travel agents before you go ahead and book a holiday or trip. Think of it like asking hundreds of your friends and family which travel agents they recommend!

How many Kiwis do we survey for our ratings?

Canstar Blue surveyed 1007 Kiwis who had used a travel agent/agency to book a trip within the last two years and asked for their feedback on the travel agent/agency they used.

• The outcomes reported in these ratings are measured via accredited research panels managed by Qualtrics .

What criteria are used to rate travel agencies?

Respondents rate their satisfaction with their travel agent from zero to ten , where zero is extremely dissatisfied and ten is extremely satisfied. Brand satisfaction was rated by respondents on the following criteria:

• Overall satisfaction: measures consumer satisfaction with a travel agent brand as an individual score NOT a combined total of all criteria.
• Communication & Advice: the travel agent provides clear and concise advice throughout the booking process, and is readily available to answer any questions.
• Level of Knowledge: the travel agent displays a thorough knowledge of the destinations and travel options available to customers.
• Friendliness of Agent: the customer service provided by the travel agent is attentive and friendly.
• Price of Trip: the cost of the accommodation and travel purchased delivers value and is appropriate to the standard of holiday chosen.

How do we determine the winner?

The winning brand is the one that receives the highest Overall Satisfaction rating once all the scores from the Overall Satisfaction criteria are combined and averaged.

• Overall Satisfaction is asked as a specific question and represents an individual measure, not a combined total of all criteria.
• The brand with the highest number of five-star ratings within the supporting criteria will become the five-star recipient in overall satisfaction, and thus win the award. If a clear leader still cannot be determined from the supporting criteria, joint winners will be declared.

Which travel agency brands do we rate?

Brands must have received at least 30 responses to be included , so not all brands available in the market have been compared in this survey. The brands rated in this survey are listed below in order of best overall satisfaction.

YOU Travel & Cruise

Eco travels, helloworld travel, orbit travel, house of travel, flight centre.

Find more information on our Most Satisfied Customer methodology .

Best travel agencies in New Zealand

Ratings results.

YOU Travel & Cruise is the clear winner of Canstar Blue’s 2024 Most Satisfied Customers | Travel Agents Award. Earning perfect 5-Star scores across all categories, YOU Travel & Cruise is also the only brand to achieve any 5-Star ratings, setting it well above its competitors on our awards table. Congratulations to the team at YOU Travel & Cruise for such an outstanding result.

Editor’s Notes

YOU Travel & Cruise is a part of the First Travel Group, New Zealand’s leading independent travel alliance . Boasting 22 Kiwi owned and operated stores across New Zealand, YOU Travel & Cruise is one of the country’s oldest retail travel brands, so they have an abundance of knowledge and expertise ready to share with you.

YOU Travel & Cruise specialises in premium travel packages, luxury cruises, and has a team of passionate and professional Travel Experts knowledgeable in all things travel, from popular to unique destinations around the globe.

For more details on YOU Travel & Cruise’s range of travel packages and destinations, check out the company’s website .

Eco Travels takes out second place on our ratings table, earning an impressive 4-Star rating for Overall Satisfaction. The brand earns further 4-Stars in every other category except for Communication & Advice, for which it earns 3-Stars.

Eco Travel has been providing New Zealanders with great overseas experiences for over 14 years, and offers a seamless and convenient platform to book flights, hotels and other travel services.

Eco Travels allows customers to personalise their travel plans, by allowing them to book hotels, cabs and flights individually. For those who prefer the convenience of a packaged experience, Eco Travels is in the process of offering organised tours and trips.

Helloworld Travel’s customers are obviously very happy with the level of value and customer service delivered by their choice travel agency brand. Helloworld Travel earns 4-Star ratings in all of the five award categories, including Overall Satisfaction.

Helloworld Travel is an Australian-based travel company that operates over 30 stores across New Zealand. Helloworld Travel offers flights, hotels and accommodation, as well as cruises and holiday packages. Its expert travel professionals are available either online or instore to help you organise and book your travel or holiday plans.

Orbit Travel is the third and final brand on this year’s ratings table to take out a 4-Star rating for Overall Satisfaction. The brand clearly impresses its customers, as it earns a clean sweep of 4-Star ratings across all our award categories.

Kiwi-owned Orbit Travel markets itself as a travel company for businesses, and is best suited to those making group bookings. Orbit Travel is an All-of-Government (AoG) travel management supplier. The brand has a strong commitment to sustainability, as it works in partnership with its AoG clients to achieve economic, social and environmental sustainability.

Orbit Travel features an online booking platform, Orbit Online, which is designed to simplify business travel. Orbit Online is also available as an app for most devices.

The winner of last year’s Canstar Blue Travel Agents award, House of Travel earns a 3-Star rating for Overall Satisfaction. It scores 3-Stars in two other categories: Communication & Advice and Price of Trip. The brand performs well in the remaining two categories, earning respectable 4-Star ratings.

House of Travel is one of the country’s most recognisable travel agency brands. It combines a comprehensive online presence with over 60 owner-operated offices and 300 specialist consultants across the country.

House of Travel offers travel services from cheap flights through to package deals and cruises. It also offers a free video service, Face2Face, allowing you to talk to a travel consultant and plan your next holiday via a video call, from the comfort of your home.

While Flight Centre doesn’t manage to earn a top rating from its customers, it scores a sweep of 3-Star ratings across three categories, which signifies a strong level of consumer satisfaction. The brand scores particularly well for Level of Knowledge and Friendliness of Agent, for which it earns 4-Stars.

Flight Centre is an Australian travel agency that has grown into a global brand. In New Zealand it operates over 25 stores nationwide. Through its website and high-street locations, Flight Centre sells a complete range of holiday products, including cheap flights and hotel deals, package holidays, tours and cruises.

Rounding out our ratings is XTravel, which earns a 3-Star rating for Overall Satisfaction. It’s collection of 3-Star ratings across all but one category indicates that XTravel’s customers are satisfied with its service. The travel agency earns one 4-Star rating, for the Price of Trip.

Based in Central Otago, XTravel has been operating since 2016. XTravel provides travel services for both business and pleasure, with an emphasis on snow and cruise options. For extra peace of mind, the travel agency offers a full 24-hour support service.

Other travel agencies

Not all travel agencies in the market qualify for our ratings (based on minimum survey sample size), but that doesn’t mean they’re not worth considering. Here are some more travel agencies to check out before booking a trip.

MANN Travel

Travel associates.

MANN Travel is an Auckland-based travel agency that offers deals on flights, hotels and accommodation domestically and internationally. MANN Travel focuses on delivering great customer support and provides 24/7 support for travellers.

Travel Associates has seven boutique agencies across the country. Travel Associates provides bespoke travel plans, tailoring each trip to its customer’s needs.

Webjet’s NZ site is designed specifically for New Zealand travellers, and although it doesn’t operate bricks-and-mortar stores, it has a 24/7 helpline manned by experienced travel professionals to help with any problems and to answer queries.

Choosing the Right Travel Agency For You

A holiday is often a trip into the unknown. Indeed, over two-thirds of travellers in our survey (67%) say they always prefer to explore a new holiday destination.

But even if you know where you’re going, there should be no unknowns about your flight and accommodation details.

That’s why great communication and advice from a travel expert is the most important aspect of booking any trip, whether to a domestic destination or abroad.

In this year’s award ratings, over a third of travellers (35%) cite Communication & Advice as the biggest factor influencing their satisfaction with the travel agency they used.

And the importance of experience and knowledge extends even further. For Level of Knowledge (28%) rates well above the price paid for the trip, which was the most important factor for just 15% of respondents.

Overall, here’s how the Kiwi travellers in our research rate the different factors affecting their choice of travel agents:

• Communication & Advice: 35%
• Level of Knowledge: 28%
• Friendliness of Agent: 21%
• Price of Trip: 15%

About the editor of this page

This report was written by Canstar Content Producer, Caitlin Bingham. Caitlin is an experienced writer whose passion for creativity led her to study communication and journalism. She began her career freelancing as a content writer, before joining the Canstar team.

More Information

Further 2024 research results, type of travel, contact with travel agent, travel agency use, frequency of international travel, preferred choice of accommodation, favourite travel destinations, international travel usually for, usual time (nz) of travel, reasons for using a travel agent.

Knowledge of destination: 48%

Package deals: 45%

It feels safer: 44%

Travel inspiration/ideas: 43%

Better price: 42%

Prefer to deal with ‘real people’: 30%

Too busy/cannot be bothered doing it themselves: 19%

Holiday priorities

Relaxing on an island or at a resort: 32%

Eating and drinking new things: 25%

Exploring museums and heritage sites: 17%

Outdoor adventure activities: 15%

Key statistics:

Took an overseas experience (OE) when younger: 70%

Prefer to travel somewhere never been before: 67%

An OE is a rite of passage for Kiwis: 39%

Prefer to return to somewhere visited before: 33%

About this research

Canstar Blue surveyed 5108 New Zealand consumers across a range of categories to measure and track customer satisfaction, via ISO 26362 accredited research panels managed by Qualtrics. The outcomes reported are the results from customers who used a travel agent/agency to book a trip within the last two years, in this case, 1007 New Zealanders. Brands must have received at least 30 responses to be included. Results are comparative and it should be noted that brands receiving three stars have still achieved a satisfaction measure of at least six out of 10. Not all brands available in the market have been compared in this survey. The ratings table is first sorted by star ratings and then by mean overall satisfaction. A rated brand may receive a ‘N/A’ (Not Applicable) rating if it does not receive the minimum number of responses for that criterion.

Previous award winners

The past winners from Canstar Blue’s Travel Agents ratings:

• 2023: House of Travel
• 2020: House of Travel
• 2019: Helloworld

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New Zealand Tour Companies

Looking for an unforgettable New Zealand tour? Book a fully-organized trip with the best tour companies in New Zealand and let the tour operator take care of everything for you. Check out the tour details and read 189994 reviews from our customers to help you choose the perfect tour for you.

List of New Zealand travel companies & tour operators with 189994 reviews

G Adventures

• Excellent - 19,159 reviews for New Zealand tours

The tour guide was exceptional! The accommodations could have been better.

Excellent tour. Definitely recommend

• Excellent - 1,906 reviews for New Zealand tours

Overall, we enjoyed our tour immensely – but with two (2) exceptions. FIRST: The day when the tour began we looked forward to going to an Australian indigenous museum. I believe it was called “Birrunga”. In particular and on the forms required to go on the tour, I highlighted my desire to learn about the Indigenous People (history, pictures, today in society, future and special beliefs). What we experienced on the tour was an Art exhibition by one artist who was very difficult to hear, who could not answer questions about his own people, who did not have handouts so we could understand some native words and pointed to pictures expressing his interpretation of a particular thought. Others on the tour felt the same way. Then we were taken back to the hotel and told the rest of the day we were on our own. SECOND: We were promised a trip to the exotic Whitsunday Island. We had heard from friends and through reading that this was a must for our tour. However, at the last minute (and almost exactly the last minute) we were told the trip to Whitsunday Island had been cancelled and we would receive a refund. Because of the late notification we were unable to make plans for the cancelled day. We tried to fill that day on our own with other excursions, like dinner cruises, etc. but they were all fully booked. And that was an entire day from tour that Trafalgar failed to meet their obligation. In speaking with other tour members who were upset, we interpreted your decision to cancel shocking, disappointing and not in line with the high expectations we had from your statements about the tour. We did not know if the Whitsunday excursion was cancelled because of mechanical reasons, crew problems, ship problems and were left with the impression we were cancelled because of the size of our group (13) and replaced by a larger group. Although you refunded our money for that, our tour day was lost. Not good! SUMMARY: Christin was wonderful throughout. Regarding the Whitsunday cancellation, she showed her understanding of our disappointment. However, as a result of these two issues, with special emphasis on Whitsunday, we feel Trafalgar did not live up to the high expectations you promised us.

Wonderful trip, Hope and Rick were amazing hosts.

Intrepid Premium

• Excellent - 322 reviews for New Zealand tours

Summer did an excellent job guiding us around and telling us all about her home country.

Summer did a brilliant job in making 12 strangers into a joyous group. Every day was an adventure.

Intrepid Travel

• Excellent - 11,740 reviews for New Zealand tours

Meals along the way were to rushed with having to find place to eat and eat before getting on the bus. Would be better for preorder, have in a cooler on the bus so we can just stop, relax and eat at nice spot along the way. Loved mix of internationals and ages in the group. Hostels were clean and well located. Guide was organized and kept group together and on time. Coordination and information dispensed was not good between TourRadar, Haka Tours and Intrepid. Questions asked kept being referred to be answered by actual guide when on the trip and felt I would have preferred to know what was possible (subject to weather) before arrival as response several times was advised this might not be tour for me.

Some of the hostels were dirty and far from centre, also arrived at hostels too late

• Excellent - 99 reviews for New Zealand tours

Tour was good, driver and guide excellent, but the hotel in Auckland was lacking.

I thoroughly enjoyed my tour. The guide, Isobel, paid very good attention to details and the comfort of her tourists.I felt safe and secure in the bus as Mark's driving was very competent and Isobel was delightful, patient and full of fun, a real people person.She and Mark worked well together, meal times, departure times and other important information was provided well in advance. Good provision was made for frequent stops to allow for toilet breaks and the purchase of refreshments. I liked their attention to time keeping. For me, everything worked smoothly which made the tour relaxed and stress free. I would highly recommend Isobel and Mark.

• Excellent - 74,895 reviews for New Zealand tours

We are on the 20 day New Zealand - Australia tour. We do not recommend this tour. This review is sadly because our bus driver, Glenn, said quite a few obviously racist things about Indigenous Australians on our bus ride to and from Uluru. We have been on several Globus tours over the years, and we are very disappointed that Globus employs a company and people with this kind of harmful and backward thinking. On our trip to Uluru on Nov. 15., Glenn told us that Indigenous people are thieves. He said the Indigenous people specifically are responsible for theft in Alice Springs and along the highways. While passing Mount Ebenezer he told us that the Indigenous people are “true communists” and did a bad job running the gas station in the area, which caused the rest stop to close. Glenn then said that someone else tried to open the station again, but the Indigenous people “showed up with spears” and caused the new owner to close the gas station. He actually said, “showed up with spears.” Perhaps Glenn thinks that because it was a bus full of white people he could get away with being overtly racist. But no we are not ok with it. Racism is wrong. On this Globus trip in Australia we’ve had no access to an Indigenous Australian guide to give us a balanced viewpoint. Instead, we were given racist views about a group of people who were not there to defend themselves and add important context. I wrongly presumed we would be given some kind of properly assembled educational information about Indigenous Australian groups directly from Indigenous people, like we received in New Zealand. The “educational” video we watched on the bus to Uluru romanticized the colonization of Australia, depicting the English colonists as heroes and hard workers who earned their right to be here and makes no mention of how these colonists displaced the Indigenous people and basically stripped them of their land and culture. I had to google everything to learn more. This is literal whitewashing of history and distorts the reality of what happened. We are shocked at how blatantly outdated this driver and company are in the changing world.

Gets to the main places but not the best planned tour. Very compressed timelines for the trip, leave you feeling rushed through many destinations. Sometimes not even enough time to eat, or no place. No suggestions or prep from guide. And yet, there's a lot of time on the bus and/or the plane - 5 hour layover for a plane to get to the hotel at midnight. Often felt disorganized - I get everything had just reopened but seems the hotels were often unprepared for us coming, excursions that people had booked for months suddenly unavailable or not booked by company. Couldn't they call in advance, for example, to make sure there's enough food at a hotel dinner??? Tour guide wasn't great

• Good - 186 reviews for New Zealand tours
• This operator has no New Zealand reviews

• Excellent - 197 reviews for New Zealand tours

Tom and Robbie both were amazing tour guides. The big south was 10 out of 10 experience. Weather definitely will play a big role in your activities. The flexibility of the guides makes the trip free more like a family and friends on holiday. It was so an illuminating experience with everyone that came. 20 April - 3 May best weather!! First week we had 18 people and the next week, 7.

Overall excellent tour, fantastic tour guide, great recommendations and overall great care provided

Thrifty Tours

• Excellent - 64 reviews for New Zealand tours

The tour went really well. The co-ordination of the drivers everywhere we went was amazing. They were prompt,kind and very helpful. I could not fault them. So whoever organises the tour did a great job. We were unaware that we were the only people going on this tour but once we adjusted it was great. I would like to comment on the huge distance we had to do to get to Piahia. If I could suggest maybe a stopover at another place of interest on the way would be great. I would recommend this tour if you want to get an overview of the North Island of New Zealand

The tour was very enjoyable and well organised. Everything went like clockwork and we saw some beautiful and interesting scenery and learned elements of New Zealand history, particularly from the Waitangi Treaty visit. I am happy to recommend this tour.

• Excellent - 355 reviews for New Zealand tours

this tour was just a huge disappointment, this is overpriced, unorganized and leaves you sorry for all the money you spent. of course the sights you will see are amazing, but the tour itself just makes you sad. the guide had absolutely no plan at anytime what was going on, due to this lack of organization, it was always quite hectic rushing from one place to the next. also I made bookings for activities back when I booked the tour itself months in advance, just to realize once I was at the activity it was not prebooked. here it’s advertised as 18-39, which was actually not true, more like an average of 45+. the hostels are not high-end, they are just normal average youth hostels. I did reach out to them on the second day, explaining the circumstances, but sadly did not receive a very constructive answer and no resulting action. honestly, I‘m just mad.

Everyday was different. A well planned out tour giving a rich experience. You want to know what Maori culture is in a short time? This is it!!!!!!

DIAMIR Erlebnisreisen

• Excellent - 6 reviews for New Zealand tours

• Good - 24 reviews for New Zealand tours

The tour started on a wrong note because we were not met at the airport in Auckland. After some time and effort another gentleman unrelated to the tour drove us to our hotel and wouldn't dream of taking any money. This was the first of many interfaces with NZ people, who seem to be universally friendly and helpful. Once we met with tour director Fernando and the rest of our tour group the trip was terrific. Although this was billed as "rail tour" we spent much more time on the tour bus then on the rails. However, the two bus drivers - John and then Rob - were excellent and provided local insight into all of the areas we visited, in a knowledgeable and humorous manner. We managed to leave our passports in a hotel safe, and Fernando went all out to recover them for us. The tour group were all seniors, and we made some good friends that we hope to see again. The NZ weather was perfect for the whole tour, and we were in warm dry Christchurch when Auckland had their floods Clearly we would have needed a much longer time to see all that NZ has to offer, but what we did see was impressive - incredible greenery, roads and rail lines installed thru impossible terrain, huge cattle and sheep herds, entrepreneurship displayed every where. Terrific tour, nice folks!

Our tour director, Daniel, did a really good job and made our 6 days very enjoyable. The bus driver was also very good and they were both a joy to be around. Their hard work and effort for our benefit was much appreciated.

INTRO Travel

• Excellent - 14,890 reviews for New Zealand tours

Die Reise war super und für den kurzen Zeitraum hat man sehr viel von Neuseeland gesehen

It was my first time doing a tour like this with other people who I didn’t know. Our leader (Jess) broke the ice real quick and we all had a great time with her. Loads of stuff to do but it was also really easy to take yourself away for a bit if you needed. I booked onto another tour (Philippines) before this one had even finished because it was so good. Only thing I can suggest is having a different, longer version which includes things like the coromandel, Wellington, Franz Josef etc but couldn’t fault my experience and I am looking forward to coming back!

• Excellent - 5,540 reviews for New Zealand tours

Great experience for this tour.. would rate this as 5stars.. made new friends along the way

Get more money for activities you will not regret

Active Adventures

• Excellent - 5,330 reviews for New Zealand tours

Absolutely wonderful from start to finish

Great guides, great tour;)

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Everything nz local agent is a leading new zealand travel platform and tour desk system offering over 1000 trusted tourism and leisure experiences across new zealand., big yet boutique, our offering spans thousands of tourism and leisure experiences across new zealand and australia. join us on a journey that provides world leading tourism-tech for travel desks and online providers..

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Everything NZ Local Agent— A Leading B2B Platform

A B2B platform providing agents and suppliers with a one-stop-shop for booking tour and activity experiences, Everything NZ Local Agent provides businesses with the opportunity to earn ancillary revenue. Our easy to use platform has been custom-built to streamline digital bookings and administration of the tours and activities sector. Providing numerous technological benefits for both suppliers and agents, Everything NZ Local Agent exists to make bookings a breeze.

• Booking Agent
• Tourism Supplier

Everything NZ Local Agent

Everything NZ Local Agent provides a B2B platform for accommodation providers, tour desks, online agents and travel retail stores to on-sell thousands of tours and attractions New Zealand wide. Featuring a fast, user-friendly and easy way to interface, Everything NZ Local Agent can serve as your one-stop shop for providing tickets to guests both locally and abroad.

Everything New Zealand is our business to consumer model (B2C) platform, providing the ability to pre-sell thousands of products to your clients online and by mobile device or as an in-house after hours booking facility.

The Perks Of Partnering With Us

Interested in signing up to Everything NZ Local Agent as a Booking Agent partner? We’re glad to hear it. These are just some of the perks you will experience when you join forces with us:

Excellent Commissions

Free to join.

Unlike many integrated booking systems, when you join Everything NZ Local Agent there are no set-up fees; it’s completely free.

One Account

Manage all your ticketing through one easy-to-use system, removing the need to monitor voucher books or have multiple tour supplier accounts.

Pre Arrival Sales

Reduce missed commissions by capturing pre-arrival ticket sales via your website, confirmation letters and EDMs.

Full Training & Support

Tap into extensive initial training and ongoing support for all account holders, with our customer service centre open 7-days per week.

Live Availability

Enjoy live availability and instant booking capability with major tourism operators such as RealNZ, Shotover Jet, NZONE, AJ Hackett, and many other operators across NZ.

Drive More Sales

Our white-label B2C solution is perfect for capturing pre-arrival sales for tours, attractions, activities and more. Whether you’re an accommodation provider, travel website, member organisation or a staff club, we can provide a customised solution to cater to your requirements. Your customers will have access to amazing New Zealand experiences including exclusive offers, hot deals and last minute offers, all backed up with an easy reporting and reconciliation interface. Best of all, it’s as easy as adding a link to your website!

Post Arrival Sales

Everything NZ B2B platform provides accommodation providers, hotels, tour desks and travel retail stores the ability to on-sell tour and attraction products directly to your clients. Our large range of leisure experiences across New Zealand, live availability with many suppliers, latest deals and competitive commission rates makes us the right choice for tourism ticketing.

Partner With Everything NZ Local Agent Today

Complete the form for access to our free and easy-to-use booking system. You’ll benefit from:

• Free membership
• Excellent Commissions rates
• Simplified systems and so much more

Grow Your Bookings

Everything NZ Local Agent is an online tour desk system used by accommodation providers, tour desks, agents and travel retail stores across New Zealand and Australia. These partners use our platform to book extraordinary “Things To Do” for their guests and clients.

When you list your experience with us, you stretch the visibility of your business to a wide and wonderful new audience. Our sophisticated and user-friendly systems make acquiring new bookings a cinch.

The Perks & People You Can Reach

Online travel agencies.

Operating as the booking engine for several online travel agencies, we can help market your products to OTAs.

Hotel & Concierge Services

Reach numerous hotel receptions and concierges using Everything NZ Local Agent as their ticketing and booking platform in-house.

Airline Companies

Acquire easy, early bookings through our growing number of airline partners who market our suppliers via various channels.

Affiliate Program

Tap into our valuable affiliate partners, such as membership organisations, who actively on-sell our experiences.

Travel Agents

Increase your chances of being on itineraries with our many travel agency partners, including Escape Travel & Flight Centre.

Online Payments

Each month you will receive a direct bank payment (less our commission) for the previous month’s sales. No need to track or invoice.

Everything NZ employs inbound tour consultants in-house, partners with external agencies overseas and is translated into Chinese & Japanese.

Unlike many integrated booking systems, when you join Everything NZ Local Agent there are no set-up fees or ongoing costs involved; it’s completely free.

No contracts

Everything NZ Local Agent is an opt-in and opt-out program, meaning you are not locked into any contracts. Leaving is always your prerogative.

Interested in seeing your experience on Everything NZ?

Booking Agent Integration

Whether you’re an OTA, wholesaler or B2B customer, we have a range of ways to integrate our platforms. If you’re interested in discussing a catalogue or transactional-based API, please contact: [email protected]

Frequently Asked Questions

How do i become an everything nz booking agent.

Simply complete the registration form above and one of our friendly staff will contact you to chat in further detail about partnering with us.

Does Everything NZ provide ongoing training and support?

Absolutely. We supply complete training and ongoing support at no extra cost; it’s all included as part of the service. The Everything NZ office is also open 7 days per week for any enquiries you have along the way.

How do I become an Everything NZ Experience Supplier?

Simply fill out our registration form above, and one of our friendly staff will contact you to chat in further detail about partnering with us.

What regions do the experiences on Everything NZ cover?

Everything NZ Local Agent supplies products for all tourism and leisure regions around New Zealand. Our dynamic product team is constantly adding new regions and products.

How much commission do I receive being an Everything NZ Local Agent?

Everything NZ provides agents with premium, best-in-market sales commissions, with commissions varying depending on the product sold. Your Everything NZ account manager can provide information on commission rates once you finalise your account.

How much does it cost to become an Everything NZ Booking Agent?

Everything NZ is a totally FREE, member-based, opt-in-opt-out model business with no hidden fees or ongoing costs.

How much does it cost to list my experience as a supplier on Everything NZ Local Agent?

We are a commission-based company, so all you pay is the commission when we make a sale. There are no other costs apart from the initial one-off loading fee paid on sign-up.

Get in touch

Booking agent support enquiries.

a gentsupport@ everythingtravelgroup.com

© 2024 Everything NZ | Local Agent.

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Booking Holdings: Still Leading The Online Travel Agent Pack

• Booking Holdings is a leading player in the online travel agency market, with a strong market position and financial strength.
• The company has experienced a shift in revenue mix from agency transactions to merchant transactions, which has led to lower operating margins.
• Despite slowing growth, BKNG is expected to maintain a growth rate of 10-14% over the next 5 years, with a focus on maintaining its market leadership.
• I estimate that Booking Holdings is currently priced at the upper end of my intrinsic valuation curve and is therefore a Hold.

Thomas Barwick/DigitalVision via Getty Images

Author's Preamble

I have an actively managed investment portfolio and I regularly trade stocks within my investing universe (or watch list) depending upon the stock's price relative to my estimate of its intrinsic value and its market trading patterns (technical indicators).

I share my valuations with readers as a way to get feedback and to gain new insights from other knowledgeable investors.

I have written previously about Booking Holdings ( Cyclically Time to Lighten Up ) and this is my annual update for the stock which incorporates all the company's financial information at the end of Q1 FY2024.

Company Description

Booking Holdings ( NASDAQ: BKNG ) has grown over the years both organically and by generally small acquisitions.

The company has 3 reportable operating segments. At the end of the 1st quarter FY2024, the trailing 12-month revenues were:

Author's compilation using data from Booking Holdings 10-Q and 10-K filings.

It is noted that the company does not provide a breakdown of each segment's profitability.

The key takeaway from this table is that Merchant revenues are now the key source of growth.

Merchant revenues exceeded Agency revenues on an annualized basis for the first time at the end of Q3 FY2023.

Online Global Travel Market

According to Custom Market Insights , at the end of FY2023, the online travel market worldwide had gross travel revenues (GTV) of $546 Billion and the market is expected to grow at 12% per year through to FY2032.

If we look only at the listed online travel agent (OTA) market participants, the 10 largest globally listed companies in terms of FY2023 reported revenues (reported revenues not GTV revenues) are shown in the following table:

Author's compilation using screening data from GuruFocus.

The ratio between reported company revenues and reported gross travel revenues (GTV) for Bookings, Expedia and Airbnb is between 12% to 14% (this is called the take rate).

We can estimate the combined market share of these 10 companies by dividing their average take rate into the cumulative revenue. I estimate that the 10 largest companies account for a GTV of $423 Billion, which gives them a combined market share of 78%.

I have compiled a time series of aggregate reported revenues for these companies for the last 10 years:

Author's compilation using data from GuruFocus.

The COVID pandemic had a major negative impact on the sector's revenues, but that impact appears to have now been "washed" out. Aggregate revenue growth for these companies over the last 10 years has been 13% per year.

My analysis indicates that the projected growth rates for the sector are in line with the historical norms.

Business Overview

Bookings' revenues come from 5 sources:

• Merchant revenues and customer processing fees when products are sold directly to consumers.
• Agent commissions from service providers.
• Selling advertising on their website and mobile apps.
• Reservation revenues and subscription fees for restaurant management services.
• Commissions from selling ancillary services directly to consumers.

Bookings was a first mover in the Online Travel (OTA) market, and consequently, its brands enjoy strong consumer support. One of the company's key differentiators early on was in its unique choice of market strategy (the agency model).

As a result of their approach to suppliers and consumers, Bookings was able to grow its partner base very rapidly (it became particularly popular with smaller suppliers and therefore its product offering was relatively different from its competitors) and revenues grew faster than the sector average.

By FY2018, Bookings realized that its agency strategy was running out of steam and a new strategy called a "connected trip" would be required to drive the next leg of revenue growth.

The new strategy had 3 elements:

• Increasing its value proposition by providing a whole trip product offering (air travel, accommodation, car hire, local attractions, restaurants, etc.).
• Grow alternative accommodation inventory in order to combat the growth of competitive tension from Airbnb.
• Update its payments platform in order to make the payments process more efficient.

This strategic shift saw a significant shift in the revenue mix towards the merchant model. This can be seen in the following chart, which shows the revenue split by model until the end of Q1 FY2024:

Author's compilation using data from Booking Holdings' 10-Q and 10-K filings.

Although the company does not show the margin breakdown by sales model, the company has stated that the merchant approach has lower margins than the agency model.

Bookings provides data on the number of room nights, airline tickets and car rentals that it sells. The following chart shows the movement in this mix:

Author's compilation using data from Booking Holdings' 10-Q filings.

The company does not provide any information about its revenues or margins at a product level (nor do its competitors).

Booking Holdings' Historical Financial Performance

Revenues and operating margins.

An earlier chart showed the changing nature of Bookings' revenue mix. Pre-COVID revenues had a 5-year CAGR of 12% but post-COVID the growth trajectory appears to be slowing.

Author's compilation using data from Booking Holding's 10-Q and 10-K filings.

Although revenue growth appears to be slowing (although this may be influenced more by macro factors), the bigger concern is the lack of operating margin recovery back to pre-COVID levels.

The shift from agency transactions to merchant transactions appears to come with higher operating costs. These costs are associated with a range of items such as call center operations, payment processing, digital service taxes, credit losses and fraud protection.

Although Bookings' margins are currently lower than historical levels, they remain significantly higher than Expedia and Airbnb, but the gap is closing.

The following table summarizes Bookings' cash flows for the last 10 years:

Author's compilation using data from Booking Holdings' 10-K filings.

The table highlights how little traditional reinvestment is required in this business. Only 6% of revenue has needed to be reinvested back to sustain the business (this is remarkably low and may indicate that some currently expensed items are really of a capital nature).

Over the last 10 years, Bookings has increased its leverage by $10,599 M. This debt has been used to substitute for equity in the capital structure, with the resulting freed up cash being returned to shareholders.

In summary, Bookings has generated $50,677 M of free cash for equity holders. It has distributed $39,303 M back to shareholders through buybacks and the remaining cash has been banked.

If the business only needs a low level of reinvestment, it may call into question the sustainability of high revenue growth and high operating margins. Can a company's sustainable competitive advantage be maintained without adequate reinvestment?

Almost 40% of revenues are returned to shareholders as free cash flow. In my investing universe, I have only identified one other company which exceeds this amount (Mastercard).

Bookings generates a spectacular amount of cash and recently paid a dividend for the first time. This is often a signal that the company is entering a new maturing phase of its evolution, where growth may start to taper.

Capital Structure

The following chart shows the history of Bookings' capital structure over the last 10 years:

Author's compilation using data from Booking Holding's 10-K filings.

The chart shows that Bookings has increased its level of debt in line with the expansion in the company's market capitalization. This has ensured that the company's debt ratio stays close to the sector's median (around 10%).

Bookings' cash flows could easily support a higher debt load, but due to the sector's cyclical nature it is resisted by most companies. This decision results in Bookings (and many of its peers) having relatively high costs of capital.

Readers should be aware that in FY2020, Bookings issued convertible debt with a face value of $863 M . According to the notes in the Bookings' financial statements the debt currently has a market value of $1,700 M (it is shown on the balance sheet at its face value).

In the final valuation, the difference between the debt's face value and market value must be subtracted from the company's equity value.

Return on Invested Capital

The following chart shows the history of Bookings' return on invested capital (ROIC) over the last 10 years:

The chart highlights the negative impact that COVID had on the company's earnings and consequently the ROIC. Clearly, the COVID impact has now been washed out of the data.

It is undeniable that the ROIC chart is spectacular, and the current level is extremely rare for a company of this size. A high ROIC is generally indicative of a strong, sustainable competitive advantage (or moat).

In previous articles, I have raised concerns about the sustainability of the Bookings competitive advantage. How can such a strong "moat" require so little reinvestment to sustain it in this era of rapidly changing technology?

This remains something for long-term investors to think about.

My Investment Thesis for Booking Holdings

The global travel market has the following broad characteristics. It is:

• highly fragmented.

The online travel agency (OTA) market is a subset of the travel market. It has been in existence for just over 20 years. The OTA growth has outpaced the total market's growth because it has absorbed the market's underlying growth and taken substantial share from traditional travel agents.

The OTA participants have significantly contributed to the ongoing consolidation of the overall market, but the law of large numbers is starting to impact the growth rates of the major OTA companies.

My scenario for Bookings is:

Growth Story

Bookings is the clear market leader in terms of size. Its financial strength will allow it to maintain this position. The revenue mix shift from agency to merchant revenues will continue into the future.

Growth is slowing, but it should remain between 10% to 14% on average over the next 5 years (not withstanding any significant global economic slowdown). It is noted that this is considerably higher than management's guidance for FY2024 (high single digits).

Margin Story

Bookings' margins have significantly declined post-COVID, which also corresponds with a mix shift from agency to merchant revenues. Although management does not provide any margin breakdown, I have assumed that a growing merchant revenue split will lead to lower long-term operating margins.

At this stage, I believe that Bookings will continue to gain some operating leverage from its size, and this will prevent margins declining to the levels of their major competitors. I am forecasting long-term margins of around 25%.

Growth Efficiency

I have previously commented on the low level of traditional reinvestment that Bookings (and its competitors) has in its business. I measure capital efficiency as the amount of revenue generated by every dollar invested into the business. Bookings currently has a ratio of 5.2.

I suspect that to maintain its high growth rate and remain the market leader, more investment will be required over time. This investment will be in the areas of technology and marketing / branding.

Some of the investment will be expensed (marketing and advertising) and this will contribute to lowering future margins, but some will be in the form of traditional capex. For this reason, I am forecasting a lower capital efficiency ratio.

Readers should remain wary of any significant deterioration in the global economy. Much of Bookings' revenues are discretionary and will be impacted by a recession. I have not factored a recession into my forecast, but the sector's cost of capital reflects the operational volatility that is observed within these businesses (it caused a higher unlevered beta).

I estimate that the typical costs of capital for this sector are in the highest quartile for publicly listed US companies. I am forecasting that Bookings' long-term cost of capital will decline modestly but remain above the median for all US listed companies.

Competitive Advantages

Although Bookings has an extraordinarily high ROIC, I am not convinced that the company's moat is very deep (although it might be quite wide). I suspect that the company may have marginally better technology than its competitors, but the business has been built on a non-traditional approach to the market (its agency model) and from superior marketing and branding.

I expect that more competitive pressure will come over time. The platform owners such as Google and Facebook remain the most serious threat, with an already established set of product offerings (Google Flights and Google Hotels).

Regional governments also present financial risks to Bookings. There is a growing tendency for governments to target large multinational software companies as soft targets for anti-competitive and privacy breaches, resulting in costly litigation actions.

Key Inputs into Booking Holdings' Valuation

The following table reflects my inputs into the valuation:

Author's summary of the key inputs into the valuation model.

A couple of technical issues to be noted with the valuation inputs:

• I have assumed that the Netherlands's lower tax arrangement will end within the next 10 years.
• I have treated the deferred revenue balance as a liability and therefore deducted it from the company's valuation.
• I have accounted for the difference between the convertible debt's face value and market value (this needs to be subtracted from the company's valuation).

Discounted Cash Flow Model

A Free Cash Flow to the Firm approach is used with a 3-stage model (high growth, declining growth and maturity). The model only seeks to value the cash flows of the operating assets. The valuation has been performed in $USD.

The output from my DCF model is:

Author's valuation model output.

I also developed a Monte Carlo simulation for the valuation based on the range of inputs for the valuation. The output of the simulation was developed after 100,000 iterations.

Author's valuation Monte Carlo simulation output.

The Monte Carlo simulation indicates that 96% of the variation within the valuation estimate comes from the uncertainty associated with future revenue growth and the terminal operating margin. These are the keys to the valuation.

The simulation indicates that at a discount rate of 8.7%, Bookings has an intrinsic value of between $2,762 and $4,251 per share with an expected value of $3,410.

Based on my scenario, Bookings is currently priced at the upper end of my valuation curve.

Final Recommendation

The report has highlighted that Bookings is an outstanding generator of free cash for its shareholders. Their business model is characterized by high revenue growth with relatively high margins and requires low reinvestment to sustain it.

I have found very few other business models which generate the financial metrics similar to Bookings. This is a very special company.

My call is that Booking Holdings is currently a HOLD.

My assessment is in line with Seeking Alpha's quant rating for Booking Holdings.

What are the risks going forward?

The valuation has identified that the key drivers of the valuation are the expected revenue growth rate and the terminal operating margin.

I have projected that margins will fall from the current levels, but they will remain significantly higher than their main competitors. Obviously, there is room for margins to fall further than my projection. This is something that investors need to monitor.

I suspect that the bigger risk to the valuation is in the future revenue growth. In the near term I am projecting higher growth than management's guidance. The following table shows the impact of a lower long-term growth rate on the valuation:

Author's "what if" compilation

A lower level of long-term growth would probably be caused by the rise of a competitor (either a new competitor or an existing competitor, such as Google).

What should existing shareholders be doing?

Bookings has been an excellent long-term investment relative to its peers and the market index, as shown by the following table:

Author's compilation using data from Yahoo Finance.

Given the excellent performance of the stock, there is a possibility that long-term holders of Bookings may be overweight the stock within their portfolio. Whilst the current price action for the stock remains reasonably bullish, investors may choose to continue to enjoy the ride but when the current rising trend breaks down, I recommend that holders:

• Ensure that their allocation is not overweight and make the appropriate adjustments to bring the holding back to their target allocation.
• Do not add to your holdings at current prices.
• If the stock has a reasonable pull-back to the lower half of my valuation range, then I would be buying it aggressively.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in BKNG over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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The way we travel now

What sorts of journeys do today’s travelers dream about? Where would they like to go? What do they hope to do when they get there? How much are they willing to spend on it all? And what should industry stakeholders do to adapt to the traveler psychology of the moment?

About the authors

To gauge what’s on the minds of current-day travelers, we surveyed more than 5,000 of them in February and March of this year. 1 Unless otherwise noted, the source for all data and projections is McKinsey State of Travel Survey, 5,061 participants, February 27 to March 11, 2024. Our universe of respondents included travelers from five major, representative source markets: China, Germany, the United Arab Emirates, the United Kingdom, and the United States. All respondents took at least one leisure trip in the past two years. We asked them more than 50 questions about their motivations, behavior, and expectations.

Results from this survey, supplemented with findings from focus groups and other additional research, suggest six vital trends that are shaping traveler sentiment now.

Travel has become a top priority, especially for younger generations

Sixty-six percent of the travelers we surveyed say they’re more interested in travel now than they were before the COVID-19 pandemic. This pattern holds across all surveyed age groups and nationalities. Respondents also indicate that they’re planning more trips in 2024 than they did in 2023.

Travel isn’t merely an interest these days. It’s become a priority—even amid uncertain economic conditions that can make budgeting a challenge. Travel continues to be one of the fastest-growing consumer spending areas, rising 6 percent over a recent 12-month period in the United States, even when adjusted for inflation. Only 15 percent of our survey respondents say they’re trying to save money by reducing the number of trips they go on. And in the February 2024 McKinsey ConsumerWise Global Sentiment Survey of more than 4,000 participants, 33 percent of consumers said they planned to splurge on travel, ranking it the third-most-popular splurge category—trailing only eating at home and eating out at restaurants. 2 Christina Adams, Kari Alldredge, Lily Highman, and Sajal Kohli, “An update on US consumer sentiment: Consumers see a brighter future ahead,” McKinsey, February 29, 2024.

Younger generations appear to propel much of the rising interest in travel (Exhibit 1). In 2023, millennials and Gen Zers took, on average, nearly five trips, versus less than four for Gen Xers and baby boomers. Millennials and Gen Zers also say they devote, on average, 29 percent of their incomes to travel, compared with 26 percent for Gen Zers and 25 percent for baby boomers.

Younger travelers are the most keen to venture abroad

Younger travelers are particularly excited about international travel. Gen Zers and millennials who responded to our survey are planning a nearly equal number of international and domestic trips in 2024, no matter their country of origin, whereas older generations are planning to take roughly twice as many domestic trips (Exhibit 2).

Younger travelers’ thirst for novelty might be motivating their urge to cross borders. Gen Zers say their number-one consideration when selecting a destination is their desire to experience someplace new. For Gen Xers, visiting a new place comes in at number eight, behind factors such as cost, ease of getting around, and quality of accommodation.

There might be a mindset shift under way, with international travel feeling more within reach for younger travelers—in terms of both cost and convenience. Younger travelers have become adept at spotting international destinations that feature more affordable prices or comparatively weak currencies. Low-cost airlines have proliferated, carrying 35 percent of the world’s booked seats over a recent 12-month period. 3 “Low-cost carriers in the aviation industry: What are they?,” OAG Aviation Worldwide, September 13, 2023. Meanwhile, translation software is lowering language barriers, mobile connectivity overseas is becoming cheaper and more hassle free, and recent visa initiatives in various regions have made passport-related obstacles easier to overcome.

It remains to be seen whether this mindset shift will endure as younger generations get older. But early evidence from millennials suggests that they’ve retained their interest in international travel even as they’ve begun to age and form families. It could be that this is a lasting attitude adjustment, influenced as much by the changing dynamics of travel as it is by youth.

Baby boomers are willing to spend if they see value

Baby boomers are selective about their travel choices and travel spending. Enjoying time with family and friends is their number-one motivation for taking a trip. Experiencing a new destination is less important to them—by as much as 15 percentage points—than to any other demographic.

Although older travelers appreciate the convenience that technology can offer, they prefer human contact in many contexts (Exhibit 3). For example, 44 percent of baby boomers—versus only 30 percent of other respondents—say they value having a travel agent book an entire travel experience for them. And only 42 percent of baby boomers have used a mobile app to book transportation, versus 71 percent of other respondents.

While this generation typically has more accumulated savings than other generations, they remain thoughtful about how they choose to spend. Their top two cited reasons for not traveling more are “travel is becoming too expensive” and “not having enough money to travel.” They make up demographic most willing to visit a destination out of season, with 62 percent saying they’re open to off-peak travel to bring costs down.

Baby boomers might be willing to spend strategically, in ways that make travel more convenient and less burdensome. For example, whereas 37 percent of Gen Zers are willing to take a cheaper flight to lower their travel costs—even if it means flying at inconvenient times or with a stopover—only 22 percent of baby boomers say they’ll do the same. But these older travelers don’t splurge indiscriminately: only 7 percent describe their attitude toward spending as “I go out all the way when I travel.” They’re much more willing to forgo experiences to save money, identifying this as the first area where they cut spending. Gen Zers, on the other hand, will cut all other expense categories before they trim experiences.

Whatever baby boomers’ stated feelings and preferences, they still account for a substantial share of travel spending. And they still spend more than younger generations—three times more per traveler than Gen Zers in 2023, for example.

The adventure starts before the trip begins

Travelers are delighting in crafting their own trips. Only 17 percent of survey respondents say they used a travel agent to book a trip in the past year. When asked why, respondents’ top-cited reason is that they want full control over their itineraries. Their second-most-cited reason? They simply enjoy the planning process. In fact, studies have shown that the anticipation of a journey can lead to higher levels of happiness than the journey itself. 4 Jeroen Nawijn et al., “Vacationers happier, but most not happier after a holiday,” Applied Research in Quality of Life , March 2010, Volume 5, Number 1.

When seeking inspiration during the planning process, respondents are most likely to turn to friends and family—either directly or on social media (Exhibit 4). Advice from other travelers is also sought after. Fewer and fewer travelers rely on travel guidebooks for inspiration.

Today’s travelers tend to view the planning process, in part, as a treasure hunt. Seventy-seven percent of respondents describe the research phase as an effort to ensure that they’re finding good deals or saving money. And all demographics describe “value for money” as the most important factor when choosing a booking channel.

Unexpected traveler archetypes are emerging

When we analyzed our survey results, we identified seven clusters of travelers who express shared attitudes and motivations toward travel. While the distribution of these archetypes varies across source markets, respondents within each archetype exhibit strong similarities:

Seven clusters of travelers express shared attitudes and motivations toward travel. Each archetype’s distribution varies across source markets, but the travelers within them exhibit strong similarities.

• Sun and beach travelers (23 percent of respondents). These vacationers travel rarely and spend frugally, preferring sun and beach destinations that are easy to get to. They like to relax and visit with family. They’re relatively more likely to place significant value on nonstop flights (72 percent, versus 54 percent overall) and are less interested in authentic and immersive experiences (only 13 percent say these are main reasons why they travel).
• Culture and authenticity seekers (18 percent). These are active and high-budget travelers who typically spend more than $150 per day on holiday, love to sightsee, are willing to spend on experiences, and don’t want to settle for typical bucket-list destinations. Only 6 percent prioritize familiarity when choosing where to go—the lowest percentage of any traveler segment. This segment is also least likely (at 17 percent) to say they would shorten a holiday to save money.
• Strategic spenders (14 percent). These travelers are open to selectively splurging on authentic, carefully curated experiences. But they keep a watchful eye on total spending. They’re willing to sacrifice some conveniences, such as nonstop flights, in the interest of cost savings.
• Trend-conscious jet-setters (14 percent). Travelers in this high-budget group (they spend more than $150 per day when traveling) turn first to friends and family (79 percent) and then to social media (62 percent) when scouting destinations. Seventy-six percent say the popularity of a destination is an important factor, compared with 63 percent overall. And 75 percent say they focus on hotel brands when selecting accommodations.
• Cost-conscious travelers (11 percent). This travel segment is made up of predominantly older travelers who travel rarely and frequently return to the same destinations and activities. They’re relatively more likely to care about the familiarity of a destination (54 percent, versus 35 percent overall) and the cost of the trip (76 percent, versus 65 percent overall).
• Premium travelers (12 percent). This segment expects high-quality trappings when they travel, and only 20 percent say that cost is an important factor. These frequent travelers are especially selective about accommodation—they, on average, are more likely than travelers overall to care about brand, prestige, exclusivity, design, decor, amenities, and sustainability. Similarly to trend-conscious jet-setters, this traveler segment is, on average, more likely than travelers overall (at 27 percent, versus 18 percent) to be swayed by celebrities and influencers when choosing travel destinations.
• Adventure seekers (8 percent). This younger segment enjoys active holidays that present opportunities to encounter like-minded travelers. Nineteen percent say they’re motivated by adventure and physical activities, and 15 percent say meeting new people is a major reason why they travel. They aren’t after large-group events; instead, they prefer small-group adventures. This segment prizes remoteness, privacy, and sustainability.

What travelers want depends on where they’re from

When asked what trips survey respondents are planning next, 69 percent of Chinese respondents say they plan to visit a famous site—a marked difference from the 20 percent of North American and European travelers who say the same. Chinese travelers are particularly motivated by sightseeing: 50 percent cite visiting attractions as their main reason for traveling, versus an average of 33 percent for those from other countries.

Emirati travelers, like their Chinese counterparts, favor iconic destinations, with 43 percent saying they plan to visit a famous site. They also have a penchant for shopping and outdoor activities. Fifty-six percent of respondents from the United Arab Emirates describe the range of available shopping options as an important factor when selecting a destination—a far higher proportion than the 35 percent of other respondents. And respondents from the United Arab Emirates report going on a greater number of active vacations (involving, for instance, hiking or biking) than any other nationality.

Travelers from Europe and North America are especially keen to escape their daily routines. Respondents from Germany (45 percent), the United States (40 percent), and the United Kingdom (38 percent) place importance on “getting away from it all.” Only 17 percent of respondents from China and the Middle East feel the same way. European travelers are particularly fond of beach getaways: respondents from the United Kingdom and Germany cite “soaking in the sun” at twice the rate of American respondents as a main reason they travel.

Travel is a collective story, with destinations as the backdrop

Younger generations are prioritizing experiences over possessions. Fifty-two percent of Gen Zers in our survey say they splurge on experiences, compared with only 29 percent of baby boomers (Exhibit 5). Gen Z travelers will try to save money on flights, local transportation, shopping, and food before they’ll look to trim their spending on experiences. Even terminology used by younger generations to describe travel is experience oriented: “Never stop exploring” is tagged to nearly 30 million posts on Instagram.

The value of experiences is often realized in the stories people tell about them. Books and films have spurred tourists to flock to specific destinations (for instance, when droves of Eat, Pray, Love: One Woman's Search for Everything across Italy, India and Indonesia [Viking Penguin, 2006] readers visited Bali). And travel has always been a word-of-mouth business, in which travelers’ stories—crafted from their experiences—can inspire other travelers to follow in their footsteps.

Social media is the latest link in this chain: a technology-driven, collective storytelling platform. Ninety-two percent of younger travelers in our survey say their last trip was motivated in some way by social media. Their major sources of social inspiration, however, aren’t necessarily influencers or celebrities (30 percent) but rather friends and family (42 percent). Consumers’ real-life social networks are filled with extremely effective microinfluencers.

Posting vacation selfies is a popular way to share the story of a journey. But a growing number of social media users are searching for ways to present their travel narratives in a more detailed and more enduring fashion, and new apps and platforms are emerging to help them do so. The microblogging app Polarsteps, which more than nine million people have downloaded, helps travelers plan, track, and then share their travels—allowing journeys to be captured in hardcover books that document routes, travel statistics, and musings.

Giving today’s travelers what they need and want

From our survey findings, important takeaways emerge that can help tourism industry players engage with today’s travelers.

Know customer segments inside and out

Serving up a one-size-fits-all experience is no longer sufficient. Using data to segment customers by behavior can help tourism players identify opportunities to tailor their approaches more narrowly.

Cutting-edge data strategies aren’t always necessary to get started. Look-alike analysis and hypothesis-driven testing can go a long way. Even without having data about a specific family’s previous travel patterns, for example, an airline might be able to hypothesize that a family of four traveling from New York to Denver on a long weekend in February is going skiing—and therefore might be interested in a discounted offer that lets them check an additional piece of luggage.

The same philosophy applies to personalization, which doesn’t necessarily need to be focused on a single individual. Merely having a clearer sense of the specific segments that a provider is targeting can help it craft a more compelling offer. Instead of simply creating an offer geared toward families, for instance, providers might build an offer tailored to families who are likely to visit in the spring and will be primarily interested in outdoor activities. And instead of relying on standard tourist activities, providers might find ways to cater to more specific traveler interests—for example, facilitating a home-cooked meal with locals instead of serving up a fine-dining experience.

Help travelers share their journeys

Today’s travelers want to share their travel stories. And friends and family back home are more likely to be influenced by these stories than by anything else they see or hear. Providers should consider ways to tap into this underexploited marketing channel.

Hotels can install a photo booth that enables guests to share pictures from their journeys. Guests can be given small souvenirs to take home to their friends and family. Hotels might also send guests photos on the anniversary of a trip to help jog happy memories and prompt a future booking.

Given the right incentives, customers can act as a distributed team of marketers. Reposting guests’ social media photos and videos, for example, or spurring engagement with contests and shareable promo codes can encourage travelers to become evangelists across an array of different channels.

Recognize younger generations’ unquenchable thirst for travel

Younger travelers’ remarkable desire for experiences isn’t always in line with their budgets—or with providers’ standard offerings. A new generation of customers is ripe to be cultivated if providers can effectively meet their needs:

• Travel companies can better match lower-budget accommodations with younger travelers’ preferences by incorporating modern design into rooms and facilities, curating on-site social events, and locating properties in trendy neighborhoods.
• More affordable alternatives to classic tourist activities (for example, outdoor fitness classes instead of spas or street food crawls instead of fine dining) can be integrated into targeted packages.
• Familiar destinations can be reinvented for younger travelers by focusing on experiences (for instance, a street art tour of Paris) instead of more traditional attractions (such as the Eiffel Tower).

Cater to older travelers by using a human touch and featuring family-oriented activities

Older generations remain a major source of travel spending. Providers can look for ways to keep these travelers coming back by meeting their unique needs:

• While older travelers are growing more comfortable with technology, they continue to favor human interaction. Stakeholders can cater to this preference by maintaining in-person visitor centers and other touchpoints that emphasize a human touch.
• Older travelers are generally fond of returning to familiar destinations. Providers can look to maximize repeat business by keeping track of guest information that aids personalization (such as favorite meals or wedding anniversary dates). Identifying historical behavior patterns (for example, parents repeatedly visiting children in the same city) can help providers make targeted offers that could maximize spending (for example, a museum subscription in that city).
• The off-seasonal travel patterns that older travelers often exhibit might open opportunities for providers to create appealing experiences scheduled for lower-occupancy periods—for example, an autumn wellness retreat at a popular summer destination.
• Older travelers’ propensity to visit family and friends opens the door to offerings that appeal to a range of generations, such as small-group trips pairing activities for grandparents and grandchildren.

Travelers are more interested in travel—and more willing to spend on it—than ever before. But the familiar, one-size-fits-all tourism offerings of the past have grown outdated. Today’s travelers want to indulge in creative experiences that are tailored to their priorities and personal narratives. The good news for providers: new technology and new approaches, coupled with tried-and-true strengths such as managerial stamina and careful attention to service, are making it easier than ever to shape personalized offerings that can satisfy a traveler’s unique needs.

Caroline Tufft is a senior partner in McKinsey’s London office, Margaux Constantin is a partner in the Dubai office, Matteo Pacca is a senior partner in the Paris office, Ryan Mann is a partner in the Chicago office, Ivan Gladstone is an associate partner in the Riyadh office, and Jasperina de Vries is an associate partner in the Amsterdam office.

The authors wish to thank Abdulhadi Alghamdi, Alessandra Powell, Alex Dichter, Cedric Tsai, Diane Vu, Elisa Wallwitz, Lily Miller, Maggie Coffey, Nadya Snezhkova, Nick Meronyk, Paulina Baum, Peimin Suo, Rebecca Stone, Sarah Fellay, Sarah Sahel, Sophia Wang, Steffen Fuchs, Steffen Köpke, Steve Saxon, and Urs Binggeli for their contributions to this article.

This article was edited by Seth Stevenson, a senior editor in the New York office.

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