Leisure travel now feeling the pinch
June 18, 2008 |
Some analysts and economists have started to lower their outlook for the summer travel season as well as the rest of 2008 as rising oil prices continue to take a toll on the leisure travel sector, writes Traverl Weekly.
Soaring oil prices are beginning to exact a toll on leisure travel, prompting some economists and analysts to downgrade their expectations for the summer vacation season and the remainder of the year.
Last week?s release of the Federal Reserve?s ?beige book,? a periodic report on U.S. business conditions, served to reinforce industry concerns. Noting that consumer incomes were being pinched by rising food and energy costs, the Fed reported that ?higher energy prices also appeared to damp domestic tourism.?
The Fed found softening tourism activity in New York, Southern California and Hawaii, but reported increased activity at some resorts in the mid-Atlantic region ?as families took vacations closer to home.? The Fed did not weigh in on outbound tourism.
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