Financial crisis continues to damage travel industry
November 10, 2009 | Online Travel
The financial crisis is continuing to damage the travel industry with the number of global arrivals this year to be worse than originally predicted, according to the World Travel Market Global Trends Report. Worse yet, a full recovery for tourism is not expected until 2013.
The report, produced by Euromonitor International, revealed that global arrivals are expected to decline by 8% by the end of the year, while flight and hotel sales are expected to be down by 14% and 16% respectively.
Presenting the results of the report at the WTM Forecast Forum, BBC journalist Thalia Pellegrini said: “The global financial crisis is taking its toll on the industry - falling expenditure, lack of credit and rising unemployment caused a slump in confidence and demand.”
She added that while the swine flu epidemic had been contributed to the global tourism decline, demand would continue to be inhibited by low consumer confidence and rising unemployment.
Get the full story at Travel Weekly UK
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