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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March 24th 2010

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