Recession News
Corporate travel cuts may hurt recovery
A new survey of business leaders finds that while corporate travel budgets are often the first target of cost-cutting measures, a majority believe that companies that increase travel budgets during an economic downturn will be better positioned to build competitive advantage.
Internet bookings to surge in downturn
Internet bookings are set to surge in the downturn, according to new predictions in the latest trends report from ITB Berlin.The demand for domestic travel will stay stable or grow, as will the demand for low-cost flights, but long-haul will fall sharply, and there will be much pain felt in thebusiness travel and MICE sectors.
Travel shares fall on recession fears
Shares in airlines and travel operators remained sharply lower yesterday with investors uncertain after two leading executives warned the recession may damage tourism for the next two years.
Downturn Special Report - Back to Basics
There can be precious few in the travel industry that aren’t being rocked by the global recession, and arguably fewer still that saw it coming. Even as late as last spring, many experts were adamant that the saying “When America sneezes the rest of the world catches a cold” was old hat in a brave new economic world where China, India and the Middle East were the only players that now mattered.
Tourism to Central America grows despite downturn
Latest figures released by the
Downturn hits Millennium Copthorne
Millennium & Copthorne has revealed the full extent of the global downturn as profits and revpar tumble, with trading in the new year being particularly weak.The upmarket hotel chain, owned by the Singaporian billionaire Kwek Leng Beng, said it was implementing a recruitment freeze across its 103 hotels, cutting back on new capital expenditure and slashing its dividend by 50 percent.
Downturn Special Report - Back to Basics
There can be precious few in the travel industry that aren’t being rocked by the global recession, and arguably fewer still that saw it coming. Even as late as last spring, many experts were adamant that the saying “When America sneezes the rest of the world catches a cold” was old hat in a brave new economic world where China, India and the Middle East were the only players that now mattered.Less than a year on, however, and across all global markets, travel leaders are battening down their hatches as the perfect economic storm engulfs even the most established of brands.
Downturn erodes business travel budgets
Companies are radically cutting back on business travel as a way of aggressively cutting costs to cope with the recession, according to three new surveys.Some 47 per cent of the UK-based executives will be travelling less in the next 12 months, according to the Economist Intelligence Unit. The Business Travel Show came up with similar findings, showing 38 per cent of business travel buyers that they were reducing spending this year.
Downturn Special Report - Back to Basics
There can be precious few in the travel industry that aren’t being rocked by the global recession, and arguably fewer still that saw it coming. Even as late as last spring, many experts were adamant that the saying “When America sneezes the rest of the world catches a cold” was old hat in a brave new economic world where China, India and the Middle East were the only players that now mattered.Less than a year on, however, and across all global markets, travel leaders are battening down their hatches as the perfect economic storm engulfs even the most established of brands.
Russian hotel downturn hampers huge potential
Russian hoteliers could be in for a bumpy ride this year, after Moscow experienced the first signs of the economic downturn, with a five-point drop in chain hotel Occupancy Rate (OR) for 2008, reaching 70%.Average Daily Rate (ADR) ended the year at €251, only a 5% increase compared to 2007, whilst Revenue per Available Room (RevPAR) decreased slightly to €175, according to latest figures from MKG Hospitality.
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.