eTravel Project

The collection of markets that represent the foundation of the European travel industry has undergone significant change since the onset of 2008. Along with the rest of the globe, the economic softness that began to appear through the course of the year worsened abruptly in 4Q08. The prosperous early months of 2008 were followed by a summer of astronomical fuel prices and a fall season starved of the usual business travel swell, which left travel worse off than many other industries.

While EU gross domestic product (GDP) grew, the European travel market declined very slightly. Also, while common recessionary trends such as weakened consumer confidence have affected all nations, individual characteristics have exposed the strengths and weaknesses of each market (and its players) differently. Business/leisure mix, rail infrastructure, currency fluctuations, inbound/outbound tourism and unemployment rates are just some of the factors that shape how various travel markets are reacting to the downturn.

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