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‘Consumers to embrace thrift for the long term’
Saturday, 09 Nov, 2009
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The travel industry will take at least three years to fully recover from the economic slump.
The gloomy forecast is made by Euromonitor International in the 2009 World Travel Market Trends Report.
“A full recovery to pre-crisis levels for travel and tourism is not expected until 2013 at the earliest,” the report warns.
“Hopes of a V-shaped recovery continue but threats of a W-shaped recession remain, with emerging economies set to lead the world out of recession.”
Low consumer confidence exacerbated by rising lob losses will hit demand as governments face the need to pay of burgeoning public debt, ultimately through higher taxes.
“Consumers are expected to embrace thrift for the long term and operators need to adapt to this,” the report says.
And with the UN Climate Change Conference in Copenhagen just a month away, the onus is on the travel and tourism sector to put sustainability at its heart to guarantee survival, according to Euromonitor.
“Being ahead of the curve on carbon emissions is a smart way to engage with the new rational consumer.”
by Phil Davies
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