The Current Economic Outlook for Tourism

  • Travel and Tourism does not prosper in times of economic uncertainty or weak consumer sentiment, but are we beginning to see signs that the worst may be over?
  • The International Air Transport Association (IATA) last week halved its loss forecast for 2010 to $2.2 billion (2009 losses were $9.4 billion). The improvement IATA says, is largely driven by a much stronger recovery in demand seen by year end gains that continued into the first months of 2010. Mind you the greater gains are being made in the Asia-Pacific and Latin American regions, with European carriers expected to turn in losses of $2.2 billion and North American carriers showing red ink to the tune of $1.8 billion.
  • Irish tourism’s big source markets are Great Britain, the United States, Germany, France, Italy and Spain, providing over 75% of all overseas visitors. The domestic market is also vitally important, providing as it does over 60% of bednights in Irish hotels.
  • Jim Power, one of Ireland’s most respected Economists, had a look at these markets for ITIC and he has some interesting views to share about how advanced or otherwise recovery may be this year and beyond.
  • CLICK HERE to read his opinion.
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