Industry reports tough year
ABTA Convention Special: Travel companies have suffered a tough year with bookings and margins considerably down on 2001.
Thomas Cook retail chief Manny Fontenla-Novoa admitted a slump of up to 10% in summer bookings with a corresponding fall in revenue.
“People are leaving it late to book and also families are not booking in the same numbers, so Spain has suffered,” he said.
“After September 11, many destinations reduced prices to attract visitors. But Spain took the opposite view, thinking that people want to visit a destination that was perceived as safe, and put up prices. People have voted with their feet and stayed away.”
Summer 2003 bookings are currently 10% down but have improved in recent months.
The only bright spot on the horizon is winter 2002/03, which Fontenla-Novoa said was booking strongly.
“It’s less of a family market and it’s more robust,” said Fontenla-Novoa.
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