press-releases Global economic slowdown ‘will benefit low cost airlines’

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Global economic slowdown ‘will benefit low cost airlines’

Global economic slowdown 'will benefit low cost airlines'

Cheap travel operators are set to profit from the global economic slowdown, a new survey suggests.

According to the Associated Press, the World Travel Market 2008 report, which was compiled by Euromonitor International, highlights the fact that the tourism industry in 2009 is likely to suffer in the face of the global economic turmoil.

However, Caroline Bremner, head of travel and tourism at Euromonitor International, believes that that not all travel operators will be worse off for the downturn.

She claims that an increasing number of people will be looking to book cheap flights as they attempt to reduce costs, which will be of benefit to low cost airlines.

Business people in particular will be looking to reduce costs as the credit crunch bites, she adds.

"There are signs of people downgrading travel choices to reduce the cost of traveling, a shift from premium," Ms Bremner told the news provider.

"It may be that for businesses in particular, they’ll be looking to low cost airlines for lower travel costs."

Meanwhile, Ms Bremner also suggested that more holidaymakers would be assessing the environmental impact of their vacation plans before they booked cheap flights.