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Zoo9lVlarket Overview - <br />What Industry Experts Are Say�ng <br />Accarding to the Travel Tndus�ry af America {TIA), taugh ecanamic times and a pr�dicted recession <br />ha�e ta[cen its ta[I or� the tau�ism �r�dustry which is farecasted to ha�e ias�ing efFects in 2p09. While <br />leisure tra�el is stable, business tra�ef is project�d �o decline and the United States is likely to be hit <br />hard by a�ur�her decline in internationa! arrivals. The forecast shows that Ieisure trav�l volume is <br />expected t� decline modestly in 2009 (�1.3%). According to the latest travelhorizons�'^ survey co- <br />authored by TIA and Ypartnership, se�en out of ten (71%) respondenfis intend io take an overnight <br />tri� of 50 miles or more firom hame during thte next six months. Ful�y half (48%) af all r�spondents <br />stated they were nat planni�g any ci�anges to their futur� travel plans as resul� af �he rec�nt turmoi! <br />in the f�nancial market�. <br />';�� <br />. _.� __ _ _:�. <br />- -.. .:,�y W � __..� ,_.. ,_._ _ - � °*� <br />Cor�sumers are fikely to plan and purchase �eisure �rips difF�re�tly with the pursuit af a°good value" <br />as the primary reason. Three quarters {7&%) "expec� io book a pacEcaged vacafiion to save money," <br />and six out af ten (58°/a} "plan �o comparisor� s�op for prices and rates speci�ically on the Ir��erne�:' <br />Se�en aut af t�n (67%) "pEan to stay fewer nights" and a comparabl� percentage expects to "spend <br />less on food, be�erages and entertainmenfi" when traveling. <br />The outloak far business tra�e[ is more challenging, wi�h a 3.7 percen� decline in volume projecte� far <br />2008 and another �.7 percent decline forecas�ed for 2009, according to TIA`s annual tra�el forecasi. <br />Compar�ies are making decisions ta scafe back in the current �n�ironment and busir�ess �ravel is no <br />ex�eption. B�siness, meeting ar�d con�ention tra�el volum� is expected to begin fio recover in 20�.0 <br />(+2%�. <br />. . <br />,•- . <br />