Travel Industry Begins to Recover - Post 9/11 Cool-Down Starts to Heat Back Up, 9-27-2006
The past several years have seen dramatic changes in the travel industry. The major airlines are recovering from the staggering losses incurred in the early years after 9/11. In North America, a robust business environment and growing stock market values have fostered a rising tide in both business and leisure travel. In the global travel and tourism business, threats of terrorism continue to cause the travel industry to evolve. According to a recent report by Plunkett Research, Ltd., among the most notable changes in this lucrative industry are:
- Business Travel and Luxury Travel are on the Rise.
The number of business travelers has rebounded. Corporate business budgets have expanded since the crunch following 9/11. Not only are more people traveling on business again, many of them have generous expense accounts.
- Hotels are Adding Rooms, Upgrading Amenities While Recording Record Profits.
The recent boom in business and leisure travel has created widespread demand for hotel rooms, and hoteliers are happily accommodating the need. Industry profits hit $16.8 billion in 2004, still a far cry from the $22.5 billion the industry enjoyed in 2000, but a significant increase over the $12.8 billion in profits earned during 2003.
- Deregulation Opens Huge Travel Markets in China and India.
The booming economic growth of both China and India are impacting business sectors around the world. Growing middle classes in both countries are beginning to travel by air in surprising numbers and airlines and hotels in worldwide are scrambling to get in on the action.
- Sustainable Tourism and Ecotourism Grow as Certification Standards Emerge.
Ecotourism and "ecospas" are all the rage among travelers seeking a soothing retreat and a respite from the daily grind back home. The International Ecotourism Society estimates that ecotourism revenue is growing at about 30% per year worldwide.
To find out more about these exciting trends and more, check out Plunkett's Airline, Hotel & Tourism Industry Almanac 2007, just released, or go to www.plunkettresearch.com and sign up for a subscription to Plunkett's completely up-to-date online database!
About Plunkett Research, Ltd.
Plunkett Research, Ltd. is a leading publisher of complete business research and analysis resources, designed to enable professionals in marketing, research and finance to access complete trends analysis, statistics, technology analysis and financial analysis of the world's most exciting industries. For more information, visit www.plunkettresearch.com, or call 713.932.0000.