Expedia Group (EXPE) CEO Ariane Gorin warns of softening travel demands in the travel booking site’s latest earnings. Furthermore, Disney (DIS) CFO Hugh Johnston told Yahoo Finance on Wednesday that consumers are beginning to “watch their pennies” after the multinational entertainment company indicated consumer headwinds in its theme park division.

“We were surprised when we ran our survey of travel that the consumer was actually very much planning on spending on travel,” Bloomberg Intelligence senior credit analyst Jody Lurie tells Asking for a Trend’s Josh Lipton. “Even if they were pulling back on goods, they were still spending on travel, they were still spending on leisure. They wanted to go and do, but they were showing signs of selectivity.”

Lurie weighs in on which areas consumers are willing to spend as they prioritize leisure and travel, even as Chinese consumers pull back. She examines the narrative forming around major hotel chains and cruise line operators.

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This post was written by Luke Carberry Mogan.