Day TWO BTO2017 | TEN Mercoledì 29 novembre WORLD Hall That’s Italy Folks! http://www.buytourismonline.com Keynote Speaker Charlie Ballard TripAdvisor

1. That’s Italy, Folks
TripAdvisor Strategic Insights: Italy
Buy Travel Online 2017
29 November
Florence, Italy

2. Why TripAdvisor?

3. Our Evolution

4. Who We Are Today

5. Who We Are Today
Research & Compare Evaluate & Click to Book

6. We’re the world’s largest travel site
390
MILLION
UNIQUE MONTHLY USERS
500
MILLION
REVIEWS & OPINIONS
290+ NEW
CONTRIBUTIONS
POSTED EVERY MINUTE
405+
MILLION
APP DOWNLOADS
49 MARKETS
28 LANGUAGES
ACROSS THE GLOBE

7. TripAdvisor Overview - Worldwide
TripAdvisor’s WW audience peaked in June 2017 at 293m
7
Source: comScore TDAN
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
TotalUniqueVisitors(000)
Denotes peak month for TripAdvisor Inc. in each year
July 2016: 297m June 2017: 293m

8. Hotels Path to Purchase

9. 9
TripAdvisor’s Share of Travel Bookers
TripAdvisor reaches
of global travel visitors
23%
Global travel intenders
end up purchasing
with hotel site
15%
of global hotel purchasers
visit TripAdvisor
75%
MILLION
USERS296
Source: comScore services

10. A Typical Journey – Flight Purchase
Expedia.it Purchase in 48 Days
Source: comScore Data Services.
10
Booking.com
Edreams.it
Ryanair.com
Tripadvisor.it
Booking.com
Edreams.it
Trivago.it
Expedia.it
Booking.com
Priceline.com
Tripadvisor.it
Trivago.it
Booking.com
Ryanair.com
Expedia.it
Priceline.com
Expedia.it
Expedia.it
Skyscanner.it
Trivago.it
Ryanair.com
Booking.com
Meridiana.it
Ryanair.com
Booking.com
Tripadvisor.it
Easyjet.com
Tripadvisor.it
Cartrawler.com
Booking.com
Ryanair.com
Tripadvisor.it
Trivago.it
Ryanair.com
Booking.com
Volagratis.com
Expedia.it
Easyjet.com
Jetcost.it
Tripadvisor.it
Momondo.it
Jetcost.it
Tripadvisor.it
Priceline.com
Expedia.it
Tripadvisor.it
Voyage-prive.it
Expedia.it
Tripadvisor.it
Expedia.it
Booking.com
Priceline.com
Tripadvisor.it
Yallayalla.it
Booking.com
Volagratis.com
Expedia.it
Paesionline.it
Booking.com
Priceline.com
Tripadvisor.it
Ryanair.com
Meridiana.it
Tripadvisor.it
Expedia.it
Tripadvisor.it
Logitravel.it
Expedia.it
Kayak.it
Expedia.it
Easyjet.com
Momondo.it
Expedia.it
Yallayalla.it
Booking.com
Expedia.it
Turistipercaso.it
Tripadvisor.it
Ryanair.com
Cartrawler.com
Ryanair.com
Booking.com
Priceline.com
Booking.com
Cartrawler.com
Tripadvisor.it
Ryanair.com
Priceline.com
Siviaggia.it
DAY -48 DAY -16 DAY -10 DAY -5 DAY -2 Booking Day Post-Booking
“Tiscali” (Search)
"easy jet"
"booki"
"ryanair"
"trivago"
"booking"
"ryan air"
"appartamenti ibiza"
"ibiza o formentera"
"easy jet"
"booking"
"easy jet"
"booking"
"ryanair"
"voli xname
mykonos"
"ibiza mykonos
xname"
"booking"
"trivago"
"booking"
"vacanza alla
xname di ibiza"
"ryanair"
"voli xname lloret de
mar voli"
"easyjet"
"ryanair"
"tropicana mykonos"
"areoporto loret de
mar"
"booking"
"xname lloret de mar
voli"
"mulini mykonos"
"xname voli"
"ryanair"
"aeroporto lloret de
mar"
"vacanze estive 2016"
"el puerto hotel ibiza"
"playa d'en xname,
ibiza"
"voli expedia"
"lname lloret de mar"
"lname magaluf o loret
de mar"
"booking"
"magaluf, lname"
"zona barceloneta a
barcelona"
"ryanair"
"lname partenze di che
xname"
"lname offerte xname
2016"
"apollo hotel apart"
"spieggia di argassi"
"lname offerte viaggi"
"xname beach hotel"
"san vito lo capo"
"booking"
"san vito lo capo"
"aeroporto san vito lo
capo"
"san vito lo capo"
"xname orientale
turismo"
"cosa vedere a
lname"
"check in ryanair in
aeroporto"
"ryanair check in"
"ryanair"
"booking"
"ryan air"
"booking"
"viaggio in sicilia
xname luoghi di
lname"
"xname ragusa"
"ryanair check in"
VISITSSEARCHES
FIRST
ACTIVITY
FIRST
PURCHASE

11. 11
TripAdvisor Hotel Bookers Research For Longer
Average
Day of
Purchase
Average Final
TripAdvisor
Visit Day
Day 1
Average 86 95
98OTA Site Average 87
User makes 1st travel website visit Day 72 Non-TripAdvisor User Average Booking
95Hotel Site Average 86
Source: comScore services
Window of Opportunity

12. 12
First Search Analysis Shows
Brand Opportunity
Keyword Examples used by travel
searchers:
• Branded: “Vacation Packages”, “Cheap
Holidays 2017”
• Generic destination: “New Zealand
Adventure Tours”, “4 day breaks to
Iceland”
69% of all first searches worldwide
in 2017 are generic with 5% adding a
destination
Source: comScore Data Services
69%73%
67%64%
5%
3%
4%
0%
22%22%
24%34%
4%2%5%2%
2017201620152014
Generic Generic Destination* Branded No Pre Purchase Search

13. TripAdvisor Internal Data

14. Tracking Political and Social Stability
0
100000
200000
300000
400000
500000
600000
700000
0
10000000
20000000
30000000
40000000
50000000
60000000
70000000
80000000
Global
Paris, France
Tunisia
Sharm El Sheikh
London
Source: TripAdvisor Session Data
• Travel unrest in Paris, Sharm el Sheikh, Tunisia and London using clicks to book
14
Charlie
Hebdo
Oct 31
ISIS
attack
Nov 13 ISIS
attack

15. January February March April May June July August September October November December
Global Sessions Viewing Italy 2015
2016
2017
Source: TripAdvisor Internal User Data
• The number of the international sessions viewing Italian content on TripAdvisor has grown
significantly in 2017 vs. the same period in 2016, +11% in the first nine months of 2017 compared
to the same period the year prior
Global Interest in Italy

16. Top 20 Countries Viewing Italy
16Source: TripAdvisor Internal User Data – Confidential For Internal Use Only
15.9%
15.3%
11.0%
9.9%
4.9%
4.2%
2.7%
2.5%
2.4%
2.2%
2.1%
2.0%
1.5%
1.3%
1.3%
1.3%
1.3%
1.1%
1.0%
0.9%
United Kingdom
United States
Germany
France
Switzerland
Spain
The Netherlands
Canada
Australia
Belgium
Russia
Austria
Brazil
Argentina
Poland
Japan
Sweden
Ireland
Israel
Denmark
+8%
+13%
+16%
+28%
+12%
+16%
+42%
+6%
+4%
+22%
+18%
+22%
+6%
+10%
+45%
+8%
+43%
+12%
+9%
+34%
United Kingdom
United States
Germany
France
Switzerland
Spain
The Netherlands
Canada
Australia
Belgium
Russia
Austria
Brazil
Argentina
Poland
Japan
Sweden
Ireland
Israel
Denmark
Share of Worldwide Views of Italy Year Over Year Growth

17. Top 20 Cities Viewing Italy
17Source: TripAdvisor Internal User Data – Confidential For Internal Use Only
2.0%
1.6%
1.3%
1.1%
1.0%
1.0%
0.9%
0.8%
0.8%
0.8%
0.7%
0.7%
0.7%
0.6%
0.6%
0.6%
0.5%
0.5%
0.5%
0.5%
Paris, France
London, United Kingdom
Madrid, Spain
Singapore, Singapore
Moscow, Russia
Munich, Germany
Barcelona, Spain
Sydney, Australia
Zurich, Switzerland
New York City, NY, USA
Rudersdorf, Germany
Vienna, Austria
Frankfurt, Germany
Tokyo, Japan
Dublin, Ireland
Buenos Aires, Argentina
Amsterdam, The Netherlands
Tel Aviv, Israel
Chicago, IL, USA
Toronto, Canada
+38.7%
-85.0%
+28.2%
+197.5%
+12.6%
+13.9%
+29.8%
+6.5%
+33.1%
+18.1%
+21.8%
+45.3%
+36.0%
+10.1%
+16.2%
+4.0%
+73.6%
+28.1%
+42.4%
+11.0%
Paris, France
London, United Kingdom
Madrid, Spain
Singapore, Singapore
Moscow, Russia
Munich, Germany
Barcelona, Spain
Sydney, Australia
Zurich, Switzerland
New York City, NY, USA
Rudersdorf, Germany
Vienna, Austria
Frankfurt, Germany
Tokyo, Japan
Dublin, Ireland
Buenos Aires, Argentina
Amsterdam, The Netherlands
Tel Aviv, Israel
Chicago, IL, USA
Toronto, Canada
Share of Worldwide Views of Italy Year Over Year Growth

18. Top Countries Viewing Italy
International Markets Only
• Travellers from the UK and the US are viewing Italy more in 2017
• Interest in Italy from French travellers has grown tremendously since March 2017 however
18Source: TripAdvisor Internal User Data – Confidential For Internal Use Only
Jan
2016
Feb
2016
Mar
2016
Apr
2016
May
2016
Jun
2016
Jul
2016
Aug
2016
Sep
2016
Oct
2016
Nov
2016
Dec
2016
Jan
2017
Feb
2017
Mar
2017
Apr
2017
May
2017
Jun
2017
Jul
2017
Aug
2017
International Markets Viewing Italy Content
United Kingdom
United States
Germany
France
Switzerland
Spain
The Netherlands
Canada
Australia
Belgium

19. Top Destinations Viewed in Italy
International Markets Only
• Rome is by far the most viewed destination in Italy for international travellers on TripAdvisor, followed by Venice and
Florence
19Source: TripAdvisor Internal User Data – Confidential For Internal Use Only
Jan
2016
Feb
2016
Mar
2016
Apr
2016
May
2016
Jun
2016
Jul
2016
Aug
2016
Sep
2016
Oct
2016
Nov
2016
Dec
2016
Jan
2017
Feb
2017
Mar
2017
Apr
2017
May
2017
Jun
2017
Jul
2017
Aug
2017
Top Italian Destinations Viewed, International Markets
Rome, Italy
Venice, Italy
Florence, Italy
Milan, Italy
Naples, Italy
Sorrento, Italy
Sardinia, Italy
Sicily, Italy
Positano, Italy
Bologna, Italy

20. Top Other Countries Viewed When Viewing Italy
Top 4 IP Countries
20Source: TripAdvisor Internal User Data – Confidential For Internal Use Only
34%
14%
9%
7%
5%
3%
3%
2%
1%
1%
France
Germany
Spain
United States
Greece
Switzerland
Russia
Portugal
India
The Netherlands
UK IPs
18%
13%
11%
10%
5%
4%
3%
3%
3%
2%
Germany
United Kingdom
Spain
United States
Greece
Austria
Switzerland
Poland
The Netherlands
Russia
FR IPs
16%
15%
10%
7%
5%
3%
3%
2%
2%
2%
United States
France
United Kingdom
Spain
China
Greece
Austria
Switzerland
Japan
Poland
DE IPs
16%
12%
11%
8%
3%
3%
3%
2%
2%
2%
France
Germany
United Kingdom
Spain
China
Greece
Austria
Switzerland
Russia
Canada
US IPs

21. • Spain ranks the top competitor country for Italy for nine of the last 12 months
• France and the US follow closely forming the top competitive set for Italy
Source: TripAdvisor Internal User Data
0
1
2
3
4
5
6
7
8
9
10
Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Apr '17 May '17 Jun '17 Jul '17 Aug '17 Sep '17 Oct '17
Countries Most Viewed When Also Viewing Italy
Spain
France
United States
United Kingdom
Greece
Germany
Portugal
Switzerland
Austria
Caribbean
Thailand
Croatia
Top Competitors Viewed When Viewing Italy

22. Source: TripAdvisor Internal User Data –Date range: Oct 2016 – Sep 2017
$369
$269
$243
$219
$213
$206
$204
$191
$188
$183
$170
$168
$165
$162
$148
$135
$104
Caribbean
Switzerland
Greece
United States
Japan
Austria
Croatia
Italy
The Netherlands
Australia
France
Spain
United Kingdom
Portugal
Germany
Thailand
India
Average Nightly Price
• The Caribbean has
the most expensive
hotels out of the top
competitors for Italy
with average price
$369, whereas India
has an average room
price of only $104
Competitors’ Hotel Prices

23. Italy Content Viewed the Most
• The most viewed content for domestic Italian travellers on TripAdvisor is restaurants, with more of mobile views being for those
pages alone
• The international markets have a focus on hotels pages, except mobile where restaurants pages are the most viewed on
smartphone devices
23Source: TripAdvisor Internal User Data – Confidential For Internal Use Only. Date range: Jan 2016 – Sep 2017
42%
50%
46%
23%
11%
20%
9%
6%
10%
1%
3%
1%
25%
30%
23%
Desktop
Mobile
Tablet
Domestic
Restaurants Hotels Attractions Tourism Other
34%
21%
35%
15%
28%
14%
15%
14%
14%
3%
5%
3%
33%
32%
34%
Desktop
Mobile
Tablet
International
Hotels Restaurants Attractions Tourism Other

24. National Restaurants with the Most Views
• Below are the Top 3 Restaurants in Italy and its top competitor markets based on pages viewed
24Source: TripAdvisor Internal User Data – Confidential For Internal Use Only. Date range: Jan 2016 – Sep 2017
Italy Spain France United States United Kingdom
1
2
3
La Locanda delle
Antiche Sere
Maretto
Viana
Barcelona
Buffalo Grill
Chain
McDonald's
Everywhere
Woodhouse
Gardens
Manchester
Ristorante Pizzeria
Croce del Gallo
Suzarra
La Tagliatella
Barcelona
Hippopotamus
Chain
The Cheesecake
Factory
Everywhere
The Red Lion
Everywhere
La Piazzetta
Taormina
Bodega Biarritz
Barcelona
La Cabane
Chain
Olive Garden
Everywhere
The Royal Oak
Everywhere

25. National Restaurants with the Highest Reviews
• Below are the Top 3 Restaurants in Italy and its top competitor markets based on average review score
25Source: TripAdvisor Internal User Data – Confidential For Internal Use Only. Date range: Jan 2016 – Sep 2017
Italy Spain France United States United Kingdom
1
2
3
Federica & Barbara
of BB Kitchen
Rome
Restaurante Limia
Galicia
Kei
Paris
Mediterrano
Naples, FL
La Fiorentina
Glasgow
La Bottega del Buon
Caffe
Tuscany
Uma
Barcelona
Restaurant Le
Galion
Menton
Cafe Verona
Independence, MO
Rubino Kitchen
Essex
Ostaietta
Genoa
El Celler de Can
Roca
Girona
Paris Picnic
Paris
Bha! Bha! Bistro
Naples, FL
The Table
Edinburgh

26. National Restaurants with the Highest Growth
• Below are the Top 3 Restaurants in Italy and its top competitor markets based on highest year over year growth in views
26Source: TripAdvisor Internal User Data – Confidential For Internal Use Only. Date range: Jan 2016 – Sep 2017
Italy Spain France United States United Kingdom
1
2
3
Sapori Solari
+136.9%
Lombardi
Los Montes de
Galicia
+92.9%
Madrid
Les Ombres
+77.5%
Paris
Heart Attack Grill
+46.4%
Las Vegas, NV
Fishers Fish and
Chips
+74.8%
London
La Pergola
+88%
Rome
Eslava
+57.1%
Seville
Les Apotres de
Pigalle
+65.9%
Paris
Mr. Mamas
+29.7%
Las Vegas, NV
Bar 61 Restaurant
+33.1%
Streatham
Contraste
+77.0%
Milan
Restaurante
Navarro
+50.8%
Valencia
Restaurant Melodie
+62.8%
Bordeaux
Los Tacos No. 1
+26.8%
New York City
The Golden Chippy
+30.2%
London

27. National Attractions with the Most Views
• Below are the Top 3 Attractions in Italy and its top competitor markets based on pages viewed
27Source: TripAdvisor Internal User Data – Confidential For Internal Use Only. Date range: Jan 2016 – Sep 2017
Italy Spain France United States United Kingdom
Colosseum
Roma
Basilica of the
Sagrada Familia
Barcelona
Eiffel Tower
Paris
Universal Studios
Hollywood
Los Angeles
Warner Bros. Studio
Tour: The Making of
Harry Potter
London
Duomo di Milano
Milano
Park Guell
Barcelona
Musée du Louvre
Paris
Cape Fear
Serpentarium
Wilmington, NC
British Museum
London
Trevi Fountain
Roma
Casa Batllo
Barcelona
Disneyland Park
Paris
Central Park
New York City
Tower of London
London
1
2
3

28. National Attractions with the Highest Reviews
• Below are the Top 3 Attractions in Italy and its top competitor markets based on average review score
28Source: TripAdvisor Internal User Data – Confidential For Internal Use Only. Date range: Jan 2016 – Sep 2017
Italy Spain France United States United Kingdom
1
2
3
Walkabout Florence
Tours
Firenze
Free Walking Tours
Barcelona
Barcelona
Chamexpress
Chamonix
The New York Pass
New York City
Mike Briggs
Hillwalking
Bun-na-Gille
Sassi di Matera
Matera
SANDEMANs NEW
Europe
Barcelona
Les Secrets
Gourmands de
Noemie
Paris
New York Tour1
New York City
Scozia Tour, Day
Tours in Italiano
Edinburgh
Chiesa di San
Maurizio al
Monastero Maggiore
Milan
Palau Guell
Barcelona
Mont Blanc
Chamonix
Bryce Canyon
National Park
Utah
Porthcurno
Porthcurno

29. National Attractions with the Highest Growth
• Below are the Top 3 Attractions in Italy and its top competitor markets based on highest year over year growth in views
29Source: TripAdvisor Internal User Data – Confidential For Internal Use Only. Date range: Jan 2016 – Sep 2017
Italy Spain France United States United Kingdom
1
2
3
Cascate del Mulino
+88.2%
Saturnia
Magic Fountain
(Font Magica)
+92%
Barcelona
Santa Giulia Beach
+118.1%
Santa Giulia
Times Square
+57.7%
New York City
The O2 Arena
+70.8%
London
Basilica di Santa
Maria Maggiore
+51.34%
Rome
Benidorm Old Town
+50.7%
Benidorm
Old Port
+84.5%
Marseille
Downtown Nashville
+54.6%
Nashville, TN
Jacobite Steam
Train
+40.3%
Lochaber
Scala dei Turchi
+48.1%
Realmonte
Monasterio de
Piedra
+48.5%
Zaragoza
Gare du Nord
+77.1%
Paris
Georgia Aquarium
+46.5%
Atlanta
Paddington Station
+32.9%
London

30. Italy Booking Data: Average Nightly Rate
30Source: TripAdvisor Internal Site Data
o Average nightly rate tends to decrease at the close of summer, to attract more visitors during the colder months
o Large increases in average nightly rate can be seen starting in April, as users are actively booking for peak
season travel$173
$180
$196
$206
$213
$226
$231
$235
$240
$240
$206
$186
$181
$183
$197
$204
$210
$208
$218
$227
$233
$233
$212
$189
$100
$125
$150
$175
$200
$225
$250
Average Nightly Rate

31. 31Source: TripAdvisor Internal Site Data
o Fewer rooms are sold during the autumn months, as peak travel season for Italy normally occurs during the
late spring and summer
Italy Booking Data: Room Nights Booked
93,545
94,027
153,976
157,088
215,065
243,643
248,605
246,336
273,904
229,956
159,989
136,719
115,077
117,253
158,008
152,932
259,113
262,995
264,221
267,482
279,863
234,578
143,849
128,065
0
50,000
100,000
150,000
200,000
250,000
300,000
Italy Room Nights Booked Through TripAdvisor

32. $16.2M
$16.9M
$30.1M
$32.4M
$45.8M
$55.0M
$57.5M
$57.9M
$65.7M
$55.1M
$32.9M
$25.4M
$20.8M
$21.5M
$31.1M
$31.2M
$54.5M
$54.6M
$57.7M
$60.7M
$65.2M
$54.7M
$30.5M
$24.3M
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
32Source: TripAdvisor Internal Site Data
o Estimated hotels revenue driven by TripAdvisor shows a decrease in autumn, due to a decline in average
nightly rate and fewer clicks
o Estimated revenue sees a large increase over the spring and summer, likely with people booking for peak
season travel
Total Est. Hotel Revenue Booked
Through TripAdvisor, Last 12 Mos
$506 million
Italy Booking Data: Total Hotels Revenue

33. 33Source: TripAdvisor Internal Site Data
o Italy booking revenue driven by TripAdvisor consistently comprises over 15% of all TripAdvisor booking revenue
for Europe as a whole, occasionally reaching nearly 25% of all revenue booked for European destinations
Italy’s Share of Europe Hotels Revenue
17%
20% 21%
23%
24% 23%
22% 22%
24% 24%
19%
16%
15%
18% 17%
19%
20% 21% 21% 21% 21% 22%
18%
16%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Italy as % of Europe Hotels Revenue

34. The Economic Impact of Travel

35. International
Tourism Evolution
| Oxford Economics 35
⁃ 2017 will be the eighth consecutive year
of international growth in global travel
demand
⁃ Annual average growth has been 4.6%
per year for this period
⁃ Almost 1.3 billion visits are expected in
2017; roughly twice as many trips than
were taken 20 years ago
⁃ Roughly half of all international trips are
to European destinations
⁃ But today destinations in the Asia-
Pacific region are taking a greater share
of travel
• International travel has doubled over the past twenty
years and continues to expand
1990 1995 2000 2005 2010 2015
0
200
400
600
800
1,000
1,200
1,400
1,600
Source: TDM, UNWTO
Millions
Global Tourist Arrivals by
Destination
MEA
Asia Pacific
Americas
Europe

36. 2004 2007 2010 2013 2016
0
1
2
3
4
5
6
Africa
Middle East
Oceania
Asia
Latin America/Caribbean
North America
Other Europe
Western Europe
Total tourism spend over time by global region
US$ trillions
Source: Oxford Economics
Global Tourism
Spend
| Oxford Economics 36
⁃ Western Europe accounts for a
similar amount of global spending
as North America once domestic
spend is also accounted for
⁃ Spending in Asian destinations
has taken a growing share of
global tourism activity in line with
growing wealth in the region
⁃ The Asian travel market as a
whole is comparable to that for
Europe or North American when
considering domestic as well as
inbound demand
• Total spending by global destination is distributed broadly
in line with wealth

37. Global Tourism
Spend
| Oxford Economics 37
⁃ Domestic tourism spend accounts
for around three-quarters of global
tourism spending
⁃ International spending is the most
dynamic component of tourism
demand and has grown by more
than domestic demand over the
past ten years
⁃ The share of international
spending has increased from
around 20% to 25% over time and
this proportion is likely to rise
even further
• Domestic travel is an important source of revenue
which must not be overlooked
2000 2002 2004 2006 2008 2010 2012 2014 2016
0
1,000
2,000
3,000
4,000
5,000
6,000
Domestic travel spend
Inbound travel spend
Domestic and international travel spend
volumes
US$ bn
Source: Oxford Economics

38. Tourism Share of
Spending
| Oxford Economics 38
⁃ Spending by travellers from Western
European markets is high relative to
total consumer expenditure and has
moderately increased over the past
ten years
⁃ Leisure travel as a share of
consumption in Asia-Pacific has
increased significantly from 7.6% to
10%
⁃ This is due to improvement in
emerging Asian markets and still
implies scope for future growth as
earnings and consumer spending
per capita remain lower than in
developed markets
• Leisure travel as a shared of consumption has increased
from 7.6% in 2007 to 10% in 2017 in Asia-Pacific
10.5%
10.0%
7.6%
6.6%
6.0% 5.8%
4.9%
10.8%
8.8%
10.0%
6.2% 6.2%
5.6%
4.0%
0%
2%
4%
6%
8%
10%
12%
Western
Europe
Middle
East
APAC Latin
America
Emerging
Europe
North
America
Africa
2007
2017
Leisure tourism share of consumer spending
Source: Oxford Economics
%, 2007 - 2017
Source: Oxford Economics

39. Tourism Economic
Impact
| Oxford Economics 39
⁃ 1 in 10 employees worldwide are
supported by tourism activity. This
includes employment which is directly
supported by the tourism industry as
well as indirect and induced
employment effects
⁃ The proportions of GDP supported by
tourism are different from the
proportions of employment supported,
thanks to differences in productivity
between the global regions
⁃ The highest supported share is in
North America (11%), followed by
Western Europe (10%)
⁃ The lowest shares of employment
supported by tourism are in Emerging
Europe and Africa
• The share of employment supported by tourism
also varies by country and region, influenced by
relative productivity rates
11.0
9.7
6.6
8.3
8.7
7.6
6.5
0
2
4
6
8
10
12
14
North
America
Western
Europe
Other
Europe
Lat Am /
Caribbean
APAC Middle East Africa
Indirect
Direct
Tourism regional shares (%) of employment
Source: Oxford Economics, WTTC

40. TripAdvisor’s Global
Influence
| Oxford Economics 40
⁃ The influence of TripAdvisor has risen
over time. 10.4% of global spend is
estimated to be influenced by
TripAdvisor page views, reviews and
scores in 2017
⁃ This is a large increase from the 7.0% of
tourism spending which was influenced
in some way by TripAdvisor in 2007
⁃ The value of this influence is
equivalent to around $520 billion of
global tourism spend
⁃ Large growth in influence is evident for
both domestic and international travel.
However, the influence on international
travel has been consistently higher.
• The share of travel influenced by TripAdvisor
has grown over time
7.0%
7.5%
7.9%
8.2%
8.6%
9.1%
9.5% 9.8% 10.1% 10.3% 10.4%
0
100
200
300
400
500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
0%
2%
4%
6%
8%
10%
12%
Total tourism spend influence: Global
Source: Oxford Economics
Percentage of all spend TripAdvisor influenced spend $ bn

41. Quantifying
TripAdvisor’s
Influence
| Oxford Economics 41
⁃ The global travel market comprised an
estimated 3.99 billion trips in 2016
⁃ These trips represented an estimated
$4,603 billion in WW tourism spending
⁃ Nearly $488 billion of this was influenced
by TripAdvisor: $205 billion on inbound
travel and $283 billion on domestic travel.
⁃ $73 billion of this spending would not have
occurred without TripAdvisor
⁃ TripAdvisor’s impact on nights is
higher than for visits due to positive
impacts on average length of stay - this
includes some impact on travellers to drive
additional nights in market
• TripAdvisor influenced $488 billion in tourism spend in
2016 worldwide. Within this, $73 billion (15%) would
not have occurred without TripAdvisor
TripAdvisor Impacts globally in 2016
Total travel market
Trips (mn) Nights (mn) Spend (US$bn)
Total 3,991.7 17,504.1 4,603.2
Inbound 1,187.2 5,599.7 1,322.1
Domestic 2,804.5 11,904.4 3,281.2
Influenced travel
Trips (mn) Nights (mn) Spend (US$bn)
Total 391.6 2,060.0 487.5
Inbound 164.4 923.1 205.0
Domestic 227.2 1,136.9 282.6
Additional travel
Trips (mn) Nights (mn) Spend (US$bn)
Total 28.9 430.5 73.2
Inbound 8.3 193.1 30.1
Domestic 20.5 234.4 43.1
|

42. Italy Economic Summary

43. How important is the “hero” photo?
???

44. Oddly Performing Properties
Click Share index -12%
Review Score Index +3%

45. Oddly Performing Properties
Click Share index -51%
Review Score Index +11%

46. Oddly Performing Properties
Click Share index -31%
Review Score Index +12%

47. Oddly Performing Properties
Click Share index -60%
Review Score Index +8%

48. Oddly Performing Properties
Click Share index -60%
Review Score
Index
-14%

49. Tinder Auto-Optimisation

50. Top Swaps

51. Top Swaps

52. Top Swaps

53. Top Swaps

55. Grazie!