First quarter numbers are in for magazine advertising revenue. It doesn’t look very good for travel magazines (all magazines for that matter).
Outside of Conde Nast Traveler, pretty much every travel magazine saw marginal or substantial decreases in advertising revenue compared to the same time period in 2011.
Having seen a recent issue Conde Nast Traveler, I think their increase is mostly coming from non-travel advertisers. It probably also doesn’t hurt that they are part of a large publishing empire that can do large advertising deals with big brands across multiple publications.