Stories discussed in this podcast are from the Travelography Twitter Blog for the week of 6 October 2008. This podcast is also available at Blubrry.com and Travelgeography.info.
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One reason experts doubt travel will rebound quickly has to do with the
way many people were financing their travels before the housing market
collapsed. ... many people were financing their travels by accessing
the equity built up in their homes, which appreciated dramatically in
recent years.
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Orbitz Worldwide Inc. was downgraded and earnings estimates for online
travel competitors Priceline.com Inc. and Expedia Inc. were cut
Thursday, as analysts pointed to a weaker travel market and a stronger
dollar.
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"Consumer behaviour is changing. We're seeing more people taking short
breaks close to home and it could be that the recession will be good
news for UK tourism. ... Among the new deals being snatched up are city
breaks in apartments, couples' breaks in log cabins and holidays with a
sporting theme."
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The International Air Transport Association, IATA, has estimated that
global airline loses will be $5.2 billion this year and $4.9 billion
next year due to the economic slowdown and high price of oil. This
compares with a combined profit of $5.6 billion last year.
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Fewer seats for sale means airlines can charge more. Tickets for
Phoenix flights departing in October are up an average 28% from a year
ago, ... At risk: A substantial slice of $19 billion in annual visitor
spending in Arizona. This comes after months of reduced numbers in
hotel occupancy and airport traffic as people struggle with a plunging
stock market, the housing meltdown and other economic woes.
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Blame it on “comparative pain.” As bad as things seem in the U.S.,
they’re even worse in other countries with higher inflation, higher
unemployment, and a weaker central bank.
