Saturday, October 11, 2008

Travelography #130: Travel, Tourism and The Economic Meltdown

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Stories discussed in this podcast are from the Travelography Twitter Blog for the week of 6 October 2008. This podcast is also available at and

  • Economic woes cause travelers to postpone, cancel trips

    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.
  • Ahead of the Bell: Online travel sites

    Orbitz Worldwide Inc. was downgraded and earnings estimates for online travel competitors Inc. and Expedia Inc. were cut Thursday, as analysts pointed to a weaker travel market and a stronger dollar.
  • Credit crunch 'good news for UK [domestic] travel'

    "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."
  • Airline industry faces 'year of hell'

    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.
  • Airline woes pinch Arizona tourism expectations

    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.
  • The silver [travel] lining in the global slump

    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.