Experiences Over Stuff
在金@zaijin338191
+2.6%
since Sep 30
The idea
I believe the shift from buying stuff to buying experiences is permanent, not a temporary post-pandemic splurge, so I built a broad basket across the whole travel boom rather than betting on one part of it. Booking platforms get the largest share since they take a fee off every trip, followed by hotels and resorts, then cruises and live experiences, with airlines and aircraft makers as the smallest slice given their weaker economics.
What it owns
- These sites collect a fee on nearly every trip booked, so they win regardless of which hotel or airline travelers choose. · Booking HoldingsIt takes a fee on every trip booked across hotels, flights, and rentals worldwide, collecting payment whenever travel spending moves., AirbnbIt books unique stays and experiences for travelers seeking premium trips, capturing spending as the shift from stuff to experiences grows., Expedia GroupIt bundles flights, hotels, and packages into single bookings, collecting fees on the total trip size as travel spending rises., Trip.com GroupIt is the booking platform for Asian travelers, capturing the fastest-growing wave of new consumers discovering experience spending., MakeMyTripIt is how India's growing middle class books trips, capturing a new wave of travelers just beginning to spend on experiences.26%
- Cruises, concerts, casinos, and ski mountains represent the purest form of spending on experiences instead of physical goods. · Royal CaribbeanIt books cruises further out and at higher prices, a clear signal that consumers are prioritizing experiences over material goods., Live Nation EntertainmentIt sells concerts and live events that represent pure experience spending, collecting revenue as consumers prioritize events over material goods., MGM ResortsIt packages shows, dining, and rooms into complete experiences, collecting revenue as visitors increase spending per trip., CarnivalIt offers cruising as an affordable major experience, capturing the shift toward trips across everyday travelers, not just the wealthy., Vail ResortsIt sells season passes that lock in experience spending a year ahead, converting ski trips into subscriptions as travelers plan bigger seasons.23%
- Large hotel chains collect fees on every room booked without owning the properties, capturing the shift toward higher-quality stays. · Hilton WorldwideIt operates a fee-on-every-room model at global scale, capturing the shift to premium hotels without owning the properties., Marriott InternationalIt is the largest hotel brand, earning fees on rooms others own, so higher room rates and more trips flow directly to it with minimal cost., Hyatt HotelsIt focuses on upscale and luxury properties where premium travelers spend first, capturing the shift toward higher-quality stays., InterContinental Hotels GroupIt franchises hotels worldwide and collects fees across markets, spreading the premium-hotel opportunity beyond a single country.22%
- Companies that build and service planes get paid for every additional flight, regardless of which airline operates the routes. · GE AerospaceIt earns recurring revenue from engine service and parts for decades, collecting payment as planes fly more hours regardless of the airline., Delta Air LinesIt makes its strongest margins selling premium seats, the airline equivalent of paying for higher-quality travel experiences., United AirlinesIt specializes in long-haul international routes, where travelers spend the most per trip and prioritize experience over cost., HeicoIt sells replacement parts planes need as they fly more hours, earning steady revenue from the travel boom without airline volatility., BoeingIt builds planes airlines want faster than supply allows, so a permanent travel boom keeps its order book full for years.22%
- Cash7%