U.S. spending on travel, tourism dropped 5.9% in first quarter
June 18, 2009 | Online Travel
Inflation-adjusted spending on travel and tourism in the U.S. declined at an annual rate of 5.9% in the first quarter after falling 6.9% in the first quarter, the Commerce Department’s Bureau of Economic Analysis said.
The agency’s quarterly snapshot on tourism and travel said inflation-adjusted spending on passenger air transportation continued to contract — 5.8% in the first quarter of 2009. That’s the sixth consecutive quarterly declines. But spending on international flights rose 10.5% as it did in the previous quarter. Spending on accommodations posted a larger decrease — 18.6% in the first quarter — than in the fourth quarter, when it fell 10.4%. “The hotel industry continued to experience declining demand” and “reduced room rates,” the bureau said. Retail shopping by travelers showed smaller decrease of 1.3% in the first quarter, much milder than the 11.6% decline in the last quarter of 2008.
Weak demand is depressing travel and tourism prices, the agency added. They fell 10.9% in the first quarter on top of a 16.5% decrease in the fourth.
Get the full story at The Wall Street Journal (free content)
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