FP BLOG
Travel Figures Down
Tuesday 27, September 2011
Although the global economy has finally begun to show signs of
recovery, the process has been slow and filled with pitfalls. Consumer
and business confidence has been shaky, employment growth is slow,
economic prospects are fairly bleak, and stock markets continue to
tumble. All this has taken quite a toll on the travel industry, and
figures remain low. The travel industry rallied briefly in 2008, actually reaching an all-time high for the decade. They faltered again, however, in 2009, and although the industry is starting to recover again, it is a slow recovery. Travellers are continuing to travel, but they are taking shorter trips, fewer overnight trips, staying closer to home, and carefully managing their holiday budgets.
Some areas saw better travel growth rates than others. For example, South America and the Asia-Pacific region saw higher levels of inbound tourists than other areas. Greece, on the other hand, saw a five per cent drop in its tourism rates.
Careful money management seems the order of the day even when people do choose to travel. Indeed, in 2009, spending dropped by a whopping nine per cent. Although international tourism is estimated to increase by three to five per cent over the next year, it still will not be able to reach 2008 levels.
Many people seem to be holding tighter to their money, trying to pay down household debts or mortgages, and rearranging their personal financial priorities. This does not mean travel must be pushed to the bottom of their agendas, however. Indeed, travelling and holidays can bring a welcome breath of fresh air and a change of scenery, providing much-needed rest and relaxation from the everyday stress of work or studies.
When the hospitality industry is in a slump, travellers can often find great deals in airfare, accommodations, and other travel-related expenses, making travelling on a budget simpler. If you need to get away from it all, this may well be your opportunity to do so while taking advantage of low prices and affordable deals.