Economic Downturn Tourism News
Greek unrest sees holiday bookings plummet
Greece’s troubled economy has been dealt another blow with the news that tourists are turning their backs on the country as a result of civil unrest caused by its financial difficulties.
European travel industry in for another turbulent year
European travel revenues are set to decline by €1.6bn year-on-year in 2010. However, volcanic ash disruption could leave behind €902 million in losses for airline industry worldwide …
Panama Canal continues program to help customers during economic crisis
The Panama Canal Authority (ACP) announced today that it will continue until April 30, 2010 a program that provides short-term cost reduction and greater flexibility to its Reservation System. The program, which consists of temporary measures designed to help mitigate the impact of the economic crisis on the Canal’s clients, was the result of consultations with customers and was initially introduced June 1, 2009 for four months ending September 30. Upon request of its customers and the Round Table of International Shipping Associations, the ACP has agreed to extend the program.
More for Less on High End Cruises
Tough Economy Makes Luxury Cruising More Affordable
Downturn Special Report – Back to Basics
Big is not necessarily beautiful in the current downturn. So which companies are doing best in these times of economic austerity?
The New Age of Austerity
Business travel has been one of the sectors hardest hit by the downturn. Adam Coulter explores what the top-end hotels can do to lure back the business dollar in this new age of economic austerity.
The New Age of Austerity
Business travel has been one of the sectors hardest hit by the downturn. Adam Coulter explores what the top-end hotels can do to lure back the business dollar in this new age of economic austerity.
Russia outbound continues to soar
The old saying that when American sneezes the rest of the world catches a cold has never rung truer than during the current economic downturn. But one of the few markets that has remained relatively unscathed is Russia. Its outbound tourism market grew 17% in 2007, making it the ninth largest outbound market in the world, and initial findings for 2008 report of similarly strong growth. By 2010 Russia is set to overtake Germany.
Hotel chains across Europe feel the pinch
Chain hotels across Europe’s major cities are suffering the fall-out from companies cutting back on employee travel. Occupancy, revenue and profit per available room in November 2007 fell in all of the ten cities surveyed by TRI Hospitality Consulting compared to the same month a year earlier.
UK hotel prices drop as demand slackens
Hotel room prices in the UK have dropped for the first time in four years. Prices fell 4% in the third quarter of 2008 to £97 per room per night, compared to £101 being paid during the same period a year earlier, according to booking website Hotels.com.