Travel defies the Wall Street blues
Global business travel net revenue grew by +12.2% in July, while global leisure travel revenue increased +8.6%, according to data released from Pegasus Solutions in The Pegasus View.
The report, which includes extra analysis of daily bookings through August 14, shows resiliency in both the corporate and leisure markets despite the US credit downgrade by the S&P on August 5.
The corporate travel recovery continued in July in the face of uncertainty about the financial markets regarding the August 2 US debt default deadline.
Bookings grew by +5.8% over 2010, while global average daily rates (ADR) gained momentum over June’s pace, rising by +6.0% over prior year.
Mike Kistner, chief executive of Pegasus Solutions, said the fickleness of the financial markets failed to make a marked impact on the industry.
“Unlike events that may put the personal health and safety of travellers at risk, negative and uncertain financial news did not compel travellers to cancel planned trips, whether they had already booked or not,†said Kistner.
“Long-term strain could ultimately lead to a slow-down in the recovery, but in the short-term, it is events like earthquakes and hurricanes that will have the most immediate effect on bookings, though on a more regionalised level.
“It is good news for the travel industry that travelers failed to ‘catch’ the nervousness of investors.â€
The Pegasus View reporting on July 2011 bookings is available online and by free subscription at www.pegs.com.
Ian Jarrett
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