Leisure and business travel continue to grow
Despite higher travel costs, the world's hotel industry continued to enjoy a higher pace of leisure and business bookings in October, according to an analysis of global data.
Global hotel bookings for leisure travel rose 4.7% in October, compared with the same period last year, despite an increase in average daily rates of 2.5%, according to the report by Pegasus Solutions, a Dallas-based technology provider for the travel industry.
In North America, leisure travel bookings grew by 5.8% in October over the same month last year, while hotel rates jumped 4.3% in that same period, according to the study.
Business travel bookings grew in October by 4% worldwide, and by 3.3% in North America, compared with last year, according to Pegasus Solutions. The global hotel rates for business travelers increased almost 3% over the previous year and by 4% in North America.
But based on advanced booking data, the study predicted that the pace of business and leisure travel bookings will slow down starting in January.
"All regions are feeling the effects of the limping global economy one way or another on top of local influences," according to the report released Monday. "North American travel is performing reasonably well, driven primarily by the United States."
-- Hugo Martin
Photo: Travelers wait in long lines at Los Angeles International Airport. Credit: Los Angeles Times