Travel Agencies & Services Industry Description

Companies that provide various types of travel services, including travel agencies, tour operators, cruise lines, and Internet vacation reservations and services.

Summary

No matter the pitchman or price, for the past several years, the travel industry has been anything but up, up and away. Any talk about the current state of the travel industry must be prefaced with a discussion of the preceding few years. A slowing economy at the beginning of this decade already had a number of segments in trouble, most notably the airlines. The events of September 11 made the inevitable all too real. Although consumer confidence has risen slowly, many tour operators are still reeling from the loss of sales after the terrorist attacks. By early 2002, a slight resurgence in travel was in sight and things seemed hopeful. Corporate travel was becoming a big market for travel services, headed by companies such as American Express. The economy faltered, however, and companies cut back on business travel expenditures. In addition, the leisure traveler stayed closer to home, driving instead of flying to vacation spots.

Travel Agencies & Services Industry Resources

• Condé Nast Traveler
  

Travel Agencies & Services Industry Terminology

• Travel Industry Dictionary