Luxury travel will defy downturn, says ITB report
15 January, 2009: A new report suggests that holiday plans and travel trends are increasingly mirroring the social divisions between rich and poor. <br>
According to ITB Berlin, the fallout from the global economic and financial crisis will tend to favour the growth of niche markets, in particular segments such as luxury travel, once again in 2009.
At the same time, bargain hunting and last-minute travel will be dominant. “Whether we like it or not, the idea of saving money at all costs is back with us again," said Dr. Martin Buck, director of the Competence Centre Travel and Logistics at Messe Berlin.
According to the ITB World Travel Trends Report, commissioned from consultants IPK International by ITB Berlin, as far as travel trends are concerned, 2009 is a very difficult year to forecast.
The effects of the global economic and financial crisis, coupled with uneasiness over prices for raw materials and significant currency fluctuations, mean that no reliable forecasts can currently be made.
Assessments by ITB Berlin indicate that, against the backdrop of the economic and financial crisis, business travel, in particular, together with travel to meetings, conferences and incentive trips, will suffer.
According to Dr. Buck: “Worldwide, international companies have begun to drastically cut their spending on business travel, meetings and incentives. The travel industry is already experiencing the effects of these measures.”
The ITB World Trends Report is available for download at www.itb-berlin.com under Media Centre / Publications.