Travel agents warned over economy at ITT Budget Briefing

Travel agents have been warned not to “over commit” themselves in the current economic climate.

Speaking at a Institute of Travel & Tourism Budget briefing in the House of Lords today economist and political journalist Peter Riddell told the travel industry that the

economy is to hit a tough period with consumer spending set to slow.  He also warned that the credit crunch and the economy was currently in “limbo” giving

the industry a period of uncertainty.

Riddell said:  “The best scenario is it’s going to be tough on consumer spending.

“The amount of available money is going to be squeezed.”

He suggested the economy was going to face a tight two or three years claiming it is a “gloomy message” for the travel industry as disposable income is going to be

squeezed and there is going to be a “period of belt tightening.”

Travel industry representatives at the briefing indicated that holiday bookings remained strong and were confident this would continue.

Share article

View Comments

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.