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
Related Articles
Does your hotel really need a social media strategy?
11 Mar, 2010 | Hospitality Industry
Amadeus breathes new life into Otedis, aims to “shake up hotel representation model”
11 Mar, 2010 | Hospitality Industry
The need for a more holistic approach to revenue management
10 Mar, 2010 | Hospitality Industry
Carlson Hotels taps HotelsCombined.com
10 Mar, 2010 | Online Travel
Revenue management and the vicious circle of guerrilla pricing
10 Mar, 2010 | Hospitality Industry
UK travelers plan to take multiple trips abroad in 2010
09 Mar, 2010 | Online Travel
Marriott plans to double presence in Europe by 2015
09 Mar, 2010 |
Increase in OTA bookings comes at expense of GDS and voice
08 Mar, 2010 | Hospitality Industry
U.S. tourism measure draws mixed industry reviews
08 Mar, 2010 | Online Travel
Un-stoppable growth in OTA bookings, GDS still lacking behind
05 Mar, 2010 | Online Travel
Most Popular Articles
Social media in travel becomes a legitimate business force
04 Mar, 2010 | Online Travel
Travelport brings GDS advertising in-house, says good-bye to TravelClick
03 Mar, 2010 | Hospitality Industry
An iPhone app to bypass front desks and open room locks
02 Mar, 2010 | Hospitality Industry
Un-stoppable growth in OTA bookings, GDS still lacking behind
05 Mar, 2010 | Online Travel
Does your hotel really need a social media strategy?
11 Mar, 2010 | Hospitality Industry
Content is king, but conversion is queen
03 Mar, 2010 | Internet Marketing
Global hotel prices dropped beyond 2004 levels during 2009
02 Mar, 2010 | Hospitality Industry
Beyond Facebook and Twitter, social media optimization in Europe
02 Mar, 2010 | Internet Marketing
Raise RevPAR with value selling
03 Mar, 2010 | Hospitality Industry
The need for a more holistic approach to revenue management
10 Mar, 2010 | Hospitality Industry
Economic Downturn
UK travelers plan to take multiple trips abroad in 2010
09 Mar, 2010 | Online Travel
Un-stoppable growth in OTA bookings, GDS still lacking behind
05 Mar, 2010 | Online Travel
Global hotel prices dropped beyond 2004 levels during 2009
02 Mar, 2010 | Hospitality Industry
Things are looking up for U.S. airlines
02 Mar, 2010 | Online Travel
Asia leads travel industry’s recovery
26 Feb, 2010 | Online Travel
Meeting buyers see budget cutbacks ease
25 Feb, 2010 | Hospitality Industry
Travel companies grapple with “new normal”
23 Feb, 2010 | Online Travel
Europe likely to see recovery, not growth, says STR
22 Feb, 2010 | Hospitality Industry
Hogg Robinson Group sees early signs of recovery
22 Feb, 2010 | Online Travel
US Travel growth expected in 2010
18 Feb, 2010 | Online Travel
IHG’s profit drops 18%, as hotel rates continue to fall
16 Feb, 2010 | Hospitality Industry
Hotels offer perks in exchange for less housekeeping
08 Feb, 2010 | Hospitality Industry
Online travel growth expected to slow substantially
03 Feb, 2010 | Online Travel
Travel buyers increase hotel competition and negotiating leverage
03 Feb, 2010 | Hospitality Industry
STR releases updated forecasts for 2010, 2011
02 Feb, 2010 | Hospitality Industry
E-Mail Newsletter
Visit our sponsors:
