AG 2011 02 21 - Laserfiche WebLink

Home Browse Search

National Tourism News • Though the recession officially ended more than a year ago, and the fear of another ' recession may have been exaggerated, many consumers are not acting as if this is true. Recovery is indeed slow. According to the Bureau of Economic Analysis (BEA), GDP grew by only 1.7 percent in the second quarter. After improving a bit in August, consumer confidence fell in September, partially due to a decrease in personal incomes. ' This, in turn, led to lower self - reported discretionary spending by Americans in September. As well, the unemployment rate remains unchanged since the beginning of recovery. ' Despite these economic challenges, the travel industry outlook continues to improve. The BEA reports that while still behind pre- recession levels, spending on travel and tourism increased 3 percent during the second quarter, exceeding the growth of the ' general economy. Tourism - related employment rose 2.2 percent during the second quarter, and prices were up 2.7 percent. Auto travel is performing better than last year, with gasoline prices steady. As well, domestic air travel continued growth in August, according to the Air Transport Association of America, with passenger revenue growth of ' 17 percent from last August. ' While business travel appears to be leading the recovery in the tourism industry, the meetings and conventions sector is still showing cautious optimism. According to a recent poll by IMEX trade show, events are occurring on shorter notice, being held ' closer to home and are more focused on ROL The good news is that nearly half of business travel respondents reported that the ROI from face -to -face meetings is much higher than virtual meetings. ' For more information on the most recent U.S. Travel Outlook, visit www.ustravel.org/ sites / default /files /page /2009 /09 /October public.html r I � 1 1 -2 Page 252