Competitive PressureIntensifying competition from both online and traditional travel service providers, with new players like Google expanding into the travel booking space, adds competitive pressure to the industry.
Growth ExpectationsThe travel recovery story has run its course, leading to a moderation in growth for Booking Holdings.
Macroeconomic ConditionsMacroeconomic slowdown and recession may impact discretionary spending on travel and could negatively impact travel service providers through fewer bookings and rates.