Travel industry affected by financial crisis

January 10, 2010

Due to the ongoing economic slump, airlines, hotels and most businesses involved in the travel industry suffer from having fewer sales. This is because people are now spending their hard-earned bucks for basic necessities such as food, clothing, healthcare and other important expenses. For families living on a tight budget, travel and other leisure activities can wait. Other options for fun and recreation can be enjoyed without having to travel out of town or going few kilometers further.

But sometimes, rare events can bring out big sales. For instance, when crowd-drawer Lady Gaga had a New Year’s Eve gig at Fontainebleau, the organizers really reaped a lot from the ticket sales. This was also good for hotels in Miami which I bet had many guests that time. With aggressive marketing and promotion, the travel industry can still cope up with financial losses and thrive on despite the crisis.