Travel industry shaken by economic downturn
October 08, 2008 | Online Travel
The travel industry has been hit hard by the economic slowdown, particularly in the last few weeks. Airlines reported sharp declines in passenger traffic for September. Hotel occupancy rates are down, and corporate travel managers are demanding new concessions on previously negotiated deals.
Cancellations are starting to rise even at four- and five-star hotels, which previously seemed immune to the economy’s travails. Hotels are feeling the slowdown. In September, domestic hotel occupancy was down 5 percent from the previous September, according to Smith Travel Research. And the higher-price segment of the hotel industry, which had been holding its own, now also seems to be feeling the pain.
“For the last two weeks, cancellations of existing reservations are running about 50 percent above normal” at full-service hotels, said Bjorn Hanson, an associate professor at the Tisch Center for Hospitality, Tourism and Sports Management at New York University.
Get the full story at The New York Times
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