The global markets are strong, but travel is stronger.

The Skift Travel 200 has outperformed both the S&P 500 and the MSCI All Country World Index in recent months. Over the trailing 3-month period, the index rose about 13.9%, compared to roughly 7.0% for the S&P 500 and 9.9% for the MSCI ACWI. It’s like saying that the travel market is performing better than both the U.S. economy and the world economy.

So what are these, you ask? The Skift Travel 200 tracks the world’s largest publicly traded travel companies. The S&P 500 measures the 500 biggest U.S. companies, while the MSCI ACWI covers global equities across both developed and emerging markets.

Where the Gains Are Coming From

Much of this momentum has been driven by Cruise and Tours (+44.5%) and Airlines (+18.4%). Peak travel season and resilient consumer demand have pushed both categories to their strongest levels in years. Even with inflationary pressure and global uncertainty, travelers are continuing to prioritize experiences.

This aligns with what we’re seeing on the ground: demand is not just bouncing back, it’s expanding into new formats and channels. Cruises are becoming more diverse, tours more immersive, and airlines are maximizing both load factors and ancillaries.

Why This Matters

Indices like the Skift Travel 200 don’t just measure performance; they signal investor confidence in the long-term fundamentals of the sector. The continued outperformance of travel over broader benchmarks shows that markets are recognizing what travelers themselves are telling us: experiences remain a priority.

While some industries are bracing for cyclical slowdowns, travel’s resilience highlights a shift in consumer behavior. Spending on experiences is no longer “discretionary”, it’s becoming core.

The Road Ahead

If the current trend continues, we may be entering a cycle where travel not only recovers but outpaces traditional benchmarks as a steady outperformer. This has major implications:

• For investors, it signals that travel is a defensive as well as a growth play.

• For operators, it underlines the need to prepare for sustained demand and adapt quickly to changing consumer preferences.

• For innovators, it confirms the importance of building tools and platforms that capture this momentum.

The Skift Travel 200 reminds us that travel isn’t just back, it’s leading. And the businesses that position themselves at the center of this growth will define the next chapter of the industry.