The three factors responsible for affecting the travel and tourism industry by the recent economic downturn, these factors are as follows:
1. The rise of comfort food:
According to Food service and Hospitality Hamburgers are always popular during recessions for tourism management professionals revealed by a Canadian hospitality business magazine. During financial problems and economic hard times consumers are attracted to less-expensive food choices therefore Casual food actually has an advantage during that time.
2. Less travel, more staycations instead of vacations:
Deloitte along with the Travel and Tourism industry conducted a survey and in that survey most people revealed that they would love to travel around the globe but they planned to save money by staying closer to home. Similar results are being uncovered around various parts of world by travel industry with the help recent studies.
3. Traveling business is down:
In the same survey by Deloitte for the travel and tourism industry, 58% of respondents said that they expected to travel less for business in the following year. As businesses cut travel - relying, instead, on technology such as Skype and video chatting - tourism management teams may need to relax their expectations as they renegotiate yearly procurement practices with frequent corporate clients. They may not be able to increase their prices at the same rates as they did in the past.