Wall Street Journal on Summer Travel Trends
April 28, 2008. With summer right around the corner, the nation's leading business magazine has turned its microscope on the tourism industry. Specifically, the Wall Street Journal looked at how luxury vacation rentals, tourist attractions and other travel-related sectors will fare. Recession fears, high gas prices and negative media attention on the airline industry will no doubt have an impact.
The article identified a few trends:
Staying close to home. Many vacationers report they will be staying close to home, which will benefit regional destinations and theme parks. Although fewer Americans will travel abroad, many Europeans will come to America to take advantage of the weak dollar.
Cutting back. In one survey, respondents said they would eat at less expensive restaurants. Travel agents reported shorter trips and cheaper lodging choices. Others are scanning the Internet more closely for bargains.
Customer incentives - sometimes. Vacation rental owners have had to offer discounts in some regions to make sure their condos and beachfront homes are booked for the summer. In the case of some destinations, such as one theme park company, discounts will become more rare because people are staying close to home.
Hopefully, the influx of European travelers and tendency for Americans to stay home will outweight the negative effects of a potential "travel recession." Only time will tell.
