Hope is still on for luxury travel industry
Luxury travel industry is making a comeback slowly despite the global economic slowdown. Due to the global economic crisis, like the all other sectors, the travel and tourism industry was also affected but recent market study showed that the sector is about to bounce back and it can snatch the profit. Though the growth is very slow, but the industry is trying to revive. Experts also opined that, in the upcoming future, the market will be stronger and gradually it will overcome the adverse affect of global economic slowdown. According to Ovation senior executive Michael Steiner, the investment bankers, Wall Street lawyers and other elite business travelers served by high-end travel service Ovation Travel, for instance, are buying just 3% more first-class airline tickets this year than they were last year. According to Michael Steiner, “It’s the same as last year, which for some people is a good sign.” Steiner also pretended that, Ovation’s corporate clients have eased up on the restrictive ticket policies they imposed in 2009.
In recent times, Ovation and luxury hotel chains such as Ritz-Carlton and Four Seasons have seen noteworthy growth in business. They have gained utmost popularity as well as they have earned respect in terms of their services. They also did good business. Michael Steiner has proclaimed that, “During the recession, forget it. There was nothing going on.” Though the world market is still suffering due to the recession, there is a ray of hope. Most importantly, during the last three to four months, Marriott International’s Ritz-Carlton has seen the pace of group business bookings for 2013 improve “in the low single digits” over last year’s levels, says Chris Gabaldon, the chain’s chief marketing officer. Gabaldon also hoped that the situation will improve in the upcoming days.