For years, online travel agencies’ direct marketing spend in outlets such as Google outpaced their revenue growth, and critics wondered whether this spending bonanza was sustainable. But in the quarter ending June 30, the two largest travel-marketing spenders, Booking Holdings and Expedia Group, which each devoted about $1.26 billion to direct marketing, recalibrated their marketing spend to decline as a percentage of revenue. The turnabout is a watershed moment, although it’s unclear whether this is the new “normal” or a trend that will get upended before long. Get the full story at Skift