Failures

The APST today presents solid finances.

Record equity, strengthened liquidity, and controlled claims: nearly seven years after the Thomas Cook shock, the tourism guarantor appears to have regained some color.

Encouraging indicators are reinforced by the vitality of business startups and the arrival of 306 new members in 2025.

That said, zero risk does not exist in tourism. Despite tighter management and stronger control tools, the APST had to deal with 27 failures last year, including Jacqueson Tourisme, which required handling close to 500 cases, representing more than 2,000 clients.

2026 is no exception, with the failure of Dogan Voyages, considered one of the year’s major cases. Despite the guarantor’s solid financial results, the sector remains exposed.

Beyond this failure, concern is indeed present.

“If 2025 has been another very positive year, caution remains for 2026. The outlook for international tourism is moving downward, driven by an uncertain international context that strongly impacts our sector,” recalls Mumtaz Teker, president of the APST.

Indeed, American and Israeli strikes against Iran have plunged global tourism into a new phase of uncertainty.

After having urgently managed the repatriation of travelers—as well as substantial costs for professionals—the sector now faces a form of consumer reluctance.

Bookings are slowing down: as with Selectour, whose tourism sales show a 24% decline in March, April and May…



“Each month, it slips a little further. This is not an economic crisis, but a psychological one,” notes Laurent Abitbol, chair of the executive board of Selectour, who invites its members to “weather the downturn” while awaiting a potential rebound.

With persistent inflation, geopolitical tensions, rising fuel costs, and a gloomy climate, many people are delaying their travel decisions.

And this is probably where the main concern for the coming months lies.

If the summer is far from guaranteed, last-minute bookings could help limit part of the damage… unless the French ultimately favor nearby holidays, or make budget choices that disadvantage travel agencies.

Because while all observers agree that the crisis will not erase the desire to travel, consumers could temporarily adopt a more wait-and-see attitude, preferring to secure their budgets in a tense international context.

Will they ease off the brake as the sunny days approach?

It remains to be seen whether last-minute bookings will be enough to rescue a summer season that still looks highly uncertain.

Because the main worry centers on the return.

In tourism, many operators collect payments today… but settle their suppliers after customers depart. When bookings slow down abruptly, the machinery can quickly seize up and weaken some players.

Social charges, rents, loan repayments, and supplier payments continue to fall due each month, regardless of the level of bookings.

Thierry Millon, Director of Studies at Altarès, had not he urged to remain especially vigilant in the coming months? He believes that “the sector is clearly in difficulty,” even though activity remains relatively resilient compared with other service sectors.

The risk is therefore to see financially strained companies emerge, facing major deadlines with weakened cash flow.

Announcements surrounding the Iranian conflict are now constantly evolving, with threats of escalation, temporary ceasefires, tensions in the Hormuz Strait, and contradictory statements from the various parties.

A fragile, oscillating situation that fuels uncertainty and prevents travelers from projecting themselves with confidence. And without confidence, there is no visibility… precisely what the sector needs most today.