TUI looks to late bookers to fuel recovery
TUI chief executive Dr Michael Frenzel said the continued trend of late booking should secure a sustained recovery of the market.
Speaking at the company’s AGM in Hanover today, Dr Frenzel said the shortfall in bookings has dropped from 15.2% down year-on-year, to 10.7%. This was fuelled by better booking figures in the UK, which is now 9% down on last year, an improvement on 16% down.
Bookings in Central Europe and Germany are still sluggish, at 13% behind last year.
But Dr Frenzel said: “Since the late-booking trend is expected to continue in the summer the recovery of the market should be ongoing.”
Unlike First Choice, which said last week it was reducing reliance on the mass market, TUI says package tours remains it’s bread and butter. In a statement the operator said: “High-quality package tours are still the primary turnover driver of TUI’s tourism division.
“In Germany, for instance, package tours account for approximately 80% of the turnover in tourism. In the near future, TUI AG does not expect any changes in this area due to the growing low-price segment and the increasing specialist business.”
Read our previous stories:
23-May-2003 TUI positive despite Q1 results
25-April-2003 OFT clears big four over cancellation charges
24-Jan-2003 TUI issues profit warning
09-Jan-2003 Big Four rubbish damning report
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