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Facing the aftermath of the financial crisis - which severely affected nearly all European economies - Germany was able to avoid high unemployment rates and maintain relative economic stability throughout 2009. Nevertheless, growth in all sectors of the travel industry slowed, dragging total gross bookings for the German travel market down.
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Encompassing Denmark, Norway and Sweden, the Scandinavian travel market totaled gross bookings declined in 2009 from the previous year. The downturn in bookings, however, is modest in comparison to the rest of Europe. In terms of online bookings, Scandinavian sales were flat for the first time. Nevertheless, online penetration jumped over four percentage points from 2008. This is the second highest online penetration in Europe after the U.K.
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Italy's travel market is recovering from its 2009 low. However, this recovery is not like previous rebounds and will be characterized by particularly sluggish growth in the months to come. Even though total market revenues diminished in 2009, online direct bookings grew. Online travel agencies (OTAs) increased their market share, as their lower distribution costs provided better deals to consumers in search of a bargain.
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The economic and financial crises have deeply affected the Spanish travel industry. Demand has dropped, especially from international visitors, and credit to travel companies has become scarcer. The financial crisis affected some travel segments more than others. Despite the economic challenges, rail grew in 2009 and OTAs remained relatively stable. On the other hand, traditional airlines, low-cost carriers, car rental companies, tour operators, and hotels all suffered strong declines.
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Like umbrella sales on a rainy day, OTAs do best when inclement conditions dampen the travel marketplace. But despite the countercyclical boost, the OTA segment as a whole skidded off its growth track for the first time in 2009. The decline was inconsistent across companies, however, and share shifts between the major players concentrated the loss to certain brands, while other brands managed to buck the trend.
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Hoteliers' concerns for survival have given way to cautious optimism. Economic recovery for hoteliers is fragile. Hospitality ADR improvement is regionally uneven. And overall ADR increases are stubbornly slow. The hotel business recovery is being dampened by continued value-consciousness from both the business and leisure segments.
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The cruise industry is experiencing a modest but welcome recovery in 2010 after a brutal 2009. The recession and subsequent collapse of demand forced cruise lines to slash prices, while the H1N1 crisis in Mexico in the first half of the year effectively killed a major destination market and created itinerary chaos in the Caribbean market. But the crisis has abated.
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Although 2008 and 2009 were among the worst years for U.S. airlines, 2010 is shaping up to be among the best. The 2008 oil price spike, which led to untenable fuel prices for airlines, was followed by a steep economic recession. The result was a dramatic decline in corporate demand for travel and, for airlines, those precious premium customers.
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While 2010 brought needed relief to Europe's online travel industry, growth for the year will be minimal. The recession slashed a wound across European nations that will not heal overnight - but it also pushed more travelers online to search for deals, boosting penetration in historically lagging markets. PhoCusWright's European Online Travel Overview Sixth Edition provides in-depth analysis and sizing for the total market and online leisure/unmanaged business travel, including trending by segment and channel for Europe overall as well as six key individual markets - France, Germany, Italy, Scandinavia, Spain and the U.K.
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PhoCusWright evaluates 10 platform providers and compares their products side by side for a representative view of the marketplace.
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