The Times, they are a changing.
With Obama being elected as the first black president, we are definately seeing a new age dawning. But, this is not the only big news event to have come out of America recently. With the US being the major driving force for the world’s economies, we are now seeing repercussions being felt worldwide as the US economy wavers.
The question being asked by the travel industry is, Will travelling be as popular in a World recession? well, don’t ask me, because I don’t know, but let’s look at some facts.
- According to the WTTC and a recent study from them regarding the current Global downturn “Overall, the new TSA results reveal a moderate impact on the Travel & Tourism industry as a result of the global economic downturn, with its annual growth rate experiencing a slowdown in 2008, to 3%, in comparison to 3.9% in 2007.” Other factors in the study reveal that, if anything travel will change slightly with people deciding to travel more locally in order to save money.
- World Travel & Tourism is expected to generate close to US$8 trillion in 2008. With more growth expected.
- Asian consumers are set to lead the way as western economies struggle.
The travel business in general will see a slight downturn in certain sectors, but on the whole it will be the saviour of a lot of struggling economies.
