Travel News On 05/16/2008
Posted by The Traveling Tourist on
May 15, 2008
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Wish you were here? Is the travel industry ‘recession proof’
The package tour industry is in surprisingly bullish spirits despite the weakening of consumer spending across Europe. The big travel operators believe they can ride out the credit crunch unscathed, as customers will still refuse to give up their holidays abroad. Some market experts are not so sure, predicting a period of pain in a year’s time should the economic problems continue to spiral.
This week the two largest travel agencies to the UK market, TUI Travel and Thomas Cook, have reported solid results for the past six months and predicted more to come with summer sales looking rosy.
Despite much of the population tightening its belt as the economy worsens, holidays remain a priority, leading some industry figures to claim the business is “recession proof”.
Yet although the data now may be pointing to a good year, some analysts fear the hurt will be felt next year if the fears of significantly worsening market conditions materialise. “Consumers have had easy choices on what to cut back on this year, maybe it won’t be quite so easy next year,” one travel analyst said.
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Clear Roads on Memorial Day Weekend?
Planning to stay close to home for the upcoming Memorial Day weekend? You’re not the only one.
Traffic
Higher gas prices than last year will prompt people to stay off the roads during the upcoming Memorial Day weekend, according to a AAA forecast report released Thursday.About 360,000 fewer people will travel during the long weekend than did last year, according to a forecast report released Thursday by the automobile club AAA. The auto association expects that about 37.9 million Americans will travel by air and car, a 1 percent decrease from the 38.2 million who traveled last Memorial Day weekend.
The first dip in six years is attributed to high gas prices, the association reported.
