According to data published by the
Travel Industry Association (TIA) and Smith Travel Research, travel
should experience a healthy year in 2005 and continue to grow in
2006.
The TIA predicts a
1.7% increase in leisure trips for 2005 and a 1.7% growth in
2006. Also, business travel will
continue to grow over the next two years.
The TIA predicts a
3.6% increase in business trips in 2005 and a 1.9% increase in
2006. Hotels performance should also improve, according to Smith
Travel Research.
For 2005, the
research firm predicts a 3% growth in demand for hotel rooms, a
3.8% increase in average daily rate and a 5.5% increase in revenue
per available room.
We all know that
forecasts are just forecasts and sometimes achieving those goals
can be a very different matter.
However, the most
telling sign that the travel industry may be in for a solid
turnaround is the optimistic outlook of its normally cautious
constituents.
In a recent poll of
TIA members, 81% said that they expected business to improve in
2005.
Art Pfenning is
the research director for Northstar Travel Media, Travel Weeklys
parent company. For information on how research can help your
business, or if you are interested in having NTM Research conduct
your next project, contact Pfenning at [email protected].