Will the travel industry be next on the government bailout list? Not likely. Despite the woes over the decline in the economy, travel is down only slightly compared to previous years. In fact, according to a study by an independent group representing travel agents, while 68 percent of Americans would describe the economic conditions as "terrible", only 22% of that 68% has actually cancelled a flight, or plans to reschedule at a cheaper time. While even the slightest downturn is unexpected, the travel industry has weathered far worse declines in domestic travel than that suffered from the current economic crisis. While a lot of jobs have been lost and many have lost their homes or are in danger of losing their homes, it seems that the bulk of Americans are more plagued by the promise of woe than the reality thereof. .
Internationally, the economic news for the travel industry is even better. 43 percent of international respondents to the same survey stated that they saw economic conditions as "terrible" and of those, only 15% have cancelled or delayed travel plans as the result of a sluggish or receding economy. In a time when gas prices have recently peaked before dropping to more reasonable levels, where so much of the news on economic fronts is grim or promises to be grim, it seems that the often beleaguered travel industry is set on surviving without a government bailout.
While this is good news for the Airline industry, Passenger trains, gas stations, and buses, the same study also revealed grim news for the upscale sector of the hotel industry. Passengers who wish to travel or who need to travel for business are selecting more modest accommodations than they have previously, rather than choosing simply not to travel. As such, to make sure they are fully booked, many high end hotels, such as the Golden Nugget Casino in Las Vegas, are offering room upgrades for a nominal fee, which fill rooms, but which in turn also book excellent accommodations for rates far below their usual asking price.
