The recession is finally taking its toll on online travel, with a decline in revenues this year forecast by PhoCusWright, the travel industry research company.
PhoCusWright said the value of online leisure and unmanaged business travel bookings would drop 3% this year to $93 billion. The company said it was the first time since PhoCusWright began tracking the marketplace in 1998 that online travel has fallen year over year.
The company defines online leisure and unmanaged business travel as all bookings made for leisure or personal travel purposes (everything from vacations to visiting friends or relatives), as well as all air, car rental and hotel expenses associated with business travel in firms that do not have a travel policy dictating types of travel, suppliers, fares or rates. Typically that would include small businesses and people who are self-employed.
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Source - USATODAY
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