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[Report]

Travel And Tourism in the US

Published: 2007/09

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Table of Contents

Abstract

Why buy this report

  • Get insight into trends in market performance
  • Pinpoint growth sectors and identify factors driving change
  • Identify market and brand leaders and understand the competitive environment

Product coverage

Car rental; Demand factors; Health & wellness tourism; Tourism flows domestic; Tourism flows inbound; Tourism flows outbound; Tourism receipts and expenditure; Tourist attractions; Transportation; Travel accommodation; Travel retail

Executive summary

Growth in demand continues to boost travel

In 2006, continued economic growth increased demand for both leisure and business travel. Domestic travel, more resilient to economic fluctuations, continued to grow. Meanwhile, international travel continued to grow and surpass its 2000 peak despite a weak dollar. As a result, airline companies were able to continue fare increases and capacity cuts from 2005. Hotel and car rental companies also continued to raise prices without deterring demand.

Demographic differences result in increasing differentiation

Diversification in travellers resulted in growing differentiation among providers seeking to attract different consumer types. Baby-boomers continue to play a growing role in travel demographics, increasing the importance of older age groups. Those aged 50 and up are often "empty-nesters", with their children having moved out of the family home, and travel without children. This afforded them more options in trip length and destination. They are most likely to use luxury cruise ships to travel, as this safe and planned mode of transport suits their needs. They are also likely to travel longer distances abroad to exotic destinations, as they can afford the cost. Young adults between the ages of 25 and 34 are meanwhile entering higher education and the workforce. They enjoyed fast financial gains with the ability to spend more on travel. However, the demographic group that continues to account for the majority of travellers is that aged 35-49 years. These consumers focus more on domestic travel, taking short haul trips to spend time with their families.

Terrorism fears subside

Even though the British authorities thwarted a terrorist attack aimed at US-bound flights in August 2006, fears of terrorism have not deterred demand for travel. Travellers were more upset about the increased security measures, which increased the hassle of air travel, than the threat of terrorism. Demand for air travel was temporarily impacted by the more restrictive security measures. Air travel for domestic and international trips grew in 2006, however, signalling that Americans are now more resilient to the threat of terrorism.

Growing internet development continues to affect travel

Internet development continues to revolutionise the travel and tourism industry. Direct suppliers are beefing up their websites to attract consumers and increasingly avoid selling through online travel agents. Additionally, direct suppliers increased incentives for booking directly by adding dynamic packaging to their websites and by guaranteeing the lowest prices. However, online travel agents are fighting back with loyalty programs, destination guides and more consumer-generated content.

Additionally, the Web 2.0 phenomenon is growing. Consumers are uploading their own content to share via this medium. This includes reviews of hotels, activities and destinations as well photos and videos. As a result, it is easier for consumers to customise their own trip and choose which elements will be suit their travel needs.

Table of Contents

[Report]
Travel And Tourism in the US
Published: 2007/09
Published by : Euromonitor International Euromonitor International

Price:
US $ 1,900.00 PDF by E-mail (Single User License)
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Product Code : EO56968
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