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the Travel and Tourism Industry / TIA |
WASHINGTON, DC - October
14, 2002 - Dr. Suzanne Cook, senior vice president of research for the
Travel Industry Association of America (TIA), gave her much anticipated
industry overview and forecast at TIA�s Marketing Outlook Forum in Hollywood,
Florida. After falling nearly 6 percent last year, domestic and international
travel spending continues to be soft and isn�t expected to recover to record
2000 levels until sometime in 2004.
�We can expect a long, slow road to recovery for the travel and tourism industry, and even when it does come, this does not mean we will necessarily return to the way things were before September 11,� remarked TIA�s Dr. Cook. �Travel demands, patterns and expectations may have been changed for the long-term. And despite continued slow growth in the leisure travel market, this recovery is fragile and could be choked off by any number of new developments.� Domestic and international travel expenditures dropped $33.3 billion in 2001 to $537.2 billion (-5.8%). Expenditures are forecasted to decline another $1.9 billion in 2002 to $535.3 billion. The industry will see a 5 percent gain in domestic and international travel spending in 2003, to $560.1 billion. Another 5 percent gain is projected for 2004, to $588.2 billion, finally exceeding 2000�s record level of spending ($570.5 billion). Already depressed, business travel continues its downward spiral. After experiencing a 3 percent decline in 2001, business travel is forecasted to fall another 4.3 percent this year. It�s expected to stabilize in 2003 with a gain of less than 1 percent, followed by a 1.5 percent gain in 2004. However, even by 2004, business person-trips are likely to remain about 6 million below the levels of 2000. There were a few bright spots in the industry�s struggle to recover, including cruising, RV travel and a slowly increasing domestic travel volume. Highlights from Dr. Suzanne Cook�s presentation:
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Contact:
Cathy Keefe
202-408-2183 |
Also See: | TIA�S Traveler Sentiment Index Declines in Third Quarter 2002 / Sept 2002 |
TIA Puts Numbers Behind the Downturn in Both Domestic and Inbound Travel / Nov 2001 |