US travel market soars to record high
The US’s vacation and leisure travel market reached $115.3 billion, the highest rate in the last five years, reported Research and Markets.
“With the economy stabilizing and the threat of terrorism diminishing, consumers are returning to travel,” said the report.
“The main challenge the industry faces is getting consumers to take trips longer than five days,” the report suggested.
Many travel offerings are geared towards the last minute, short break travelers.
“Continual advancements in technology will enable a greater level of ease for researching and booking travel online,” the report predicted.
Competition is keeping prices down, which is fostering budget travel.
Another challenge facing the industry is the perceived image of the airline business.
“Low-cost carriers continue to be a threat to major airlines and consumers have indicated that they are willing to pass on perks in order to save money on flights,” the report said.
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The reports are compiled by a global network of industry analysts who provide market-based information as well as interpretation.
Report by David Wilkening
David
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