Travel industry to recover in 2010
Thursday 28, January 2010
The travel and tourism industry is confident 2010 will see it start its recovery from the global downturn, according to a poll of WTM's Meridian Club, the business club for the travel industry's most senior buyers.
The travel and tourism industry suffered in 2009 due to the worldwide economic downturn. Prior to the downturn the industry was expected to grow by 4% in 2009, according to research by Euromonitor International unveiled at World Travel Market, the premier global event for the travel industry.
However, the industry shrank in 2009 with the World Travel & Tourism Council stating the industry's global Gross Domestic Product decreased by 3.6%. Confidence though is returning to the industry with a massive 84% of WTM's Meridian Club stating they are optimistic for the prospects of the industry's in 2010.
Furthermore, more than six out of ten of the 659 senior buyers surveyed say the industry will perform better in 2010 than in 2009, with a further 33% believing the industry performance will be on a par with last year.
Only 6% fear 2010 will see the industry perform worse than it did in 2009. One Meridian Club member said: "I believe 2010 will be better than last year. Early bookings are coming in and business is moving."
Meridian Club members have even more confidence in their company's performance in 2010 with 92% stating they are optimistic about their organisation's performance this year.
Seven out of ten say they believe their company will perform better in 2010 than it did in 2009, with a further 27% expecting it to perform broadly the same as last year.
A mere 3% expect their organisation to perform worse in 2010 than it did in 2009. Another Meridian Club member said: "We are investing a lot in developing our product for 2010, so expect it to be a better year than 2009."
Meridian Club Marketing Manager Mark Jakobsen added: "It is great news for the industry that it's most senior buyers expect it to bounce back this year. "The global financial downturn has had a significant impact on a number of industries including travel and tourism. Consumer confidence is starting to recover and Meridian Club members say this is reflected in bookings so far in 2010 and are confident this will continue throughout the year."
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