Travel companies grapple with “new normal”
February 23, 2010 |
U.S. travel companies, bruised last year by a recession that drained demand and destroyed their ability to raise prices, are taking tentative steps toward recovery, but a full rebound may be a long way off.
The greatest concern for hotels, airlines, travel agencies and entertainment companies is that the financial crisis has led to a permanent reduction in spending on business travel, that corporations will tell their road warriors they always have to fly coach and shop online for cheaper hotel rates.
"Companies are realizing that travel has always been a big component of their budgets, but it's a component you can control," said Deutsche Bank analyst Chris Woronka.
"You travel differently now. Maybe you fly coach instead of business class, maybe you stay in a four-star hotel, not a five-star one," Woronka said.
Get the full story at Reuters
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