Last year was brutal for much of the travel Industry. Both the lodging and airline industries suffered from recessionary cutbacks in business travel. Hotels saw lower occupancies and were forced to lower prices in order to stay competitive, while many routes in airline travel had to be reevaluated due to fall in demand. But seizing this opportunity, online reservation services have prospered and grown to be a major source of traffic. Discount airlines such as Southwest (LUV) and JetBlue (JBLU) gained market share while other airlines cut back services. The symbiotic relationship between the two has helped both services weather the recent economic storm. The silver lining of the industry has seen cruise liners become ever more popular. With 12 new ships launched this year, they look to expand even further once the economy rebounds. CEO of Plunkett Research, Ltd.™, Jack W. Plunkett, discusses the state of the industry, and the struggles it has endured.
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