12 January, 2009, BERLIN - Hard times lie ahead for the world’s travel industry.
According to the ITB World Travel Trends Report, conducted by the consultants IPK International, “at best, 2009 will be a year of stagnation.”
The trend analysis forecasts that in the wake of the global financial and economic crisis, the travel industry can expect to contract by one to two per cent in 2009, and that in all likelihood the downturn will continue before things improve.
Nor are the signals for 2010 encouraging.
Messe Berlin’s Dr Martin Buck says, “Recent months have shown how quickly the circumstances on which to base reliable predictions can change.
“Besides any economic recovery, factors such as price developments on the markets for raw materials have a sustained impact on the travel industry, making it impossible to issue reliable forecasts at this time.”
According to the ITB Travel Trends Report, imminent negative developments will impact strongest on North America, Europe and the business travel sector, rather than on holiday travel.
The findings of the ITB World Travel Trends Reports indicate that the prospects for the travel market recovering vary significantly depending on the region.
According to the researchers, the Asian-Pacific region and South America could emerge from the crisis by the end of this year, as these are the regions that depend most on rising demand from the threshold countries India and China.
