Luxury travel will defy downturn, says ITB report

A new report suggests that holiday plans and travel trends are increasingly mirroring the social divisions between rich and poor.

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.

The ITB World Travel Trends Report is based on the assessments of around 60 tourism experts from 30 countries, meeting at the World Travel Monitor Forum in Pisa in November 2008, as well as on core data supplied by the World Travel Monitor, recognised as the largest ongoing survey on global travel trends in some 60 source countries.

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.”
 
ITB Berlin 2009 takes place from March 11-15. Parallel with the trade fair, the ITB Berlin Convention will be held March 11-14.

Download ITB World Trends Report ( PDF)

Source: TravelMole