Booking, Expedia, Airbnb down ~20% in a month as AI agents spark a 'Consupocalypse'
brucemacv · x · 2026-09-25
Gokul Raj argues consumer commerce is having its own SaaSpocalypse moment as personal AI agents (e.g. Muse, Instinct) reshape booking behavior: month-to-date, Booking is down 21%, Expedia 18%, and Airbnb 18%.
He predicts the surviving companies will hold some mix of: differentiated physical fulfillment infrastructure, hard-to-access supply, powerful local network effects, proprietary data loops enabling personalization beyond general-purpose agents, loyalty-driving membership programs, and consumer trust. The era of theoretical moat talk is over—only durable moats will be revealed.
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