How is the market meltdown affecting your travel?
#1
FlyerTalk Evangelist
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Join Date: Mar 2000
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How is the market meltdown affecting your travel?
If you're a Wall Street type, you worry these days if the world is ending. Not sure that "Main Street" folks feel the same, but my guess is that if you see your 401(k) collapse, you're not feeling so rich anymore. And of course everyone worries that business may get slower, folks will get laid off and, well, worse economic times are ahead.
Is any of this affecting your personal or business travel yet? Why or why not?
Is any of this affecting your personal or business travel yet? Why or why not?
#2
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Location: SPI
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Most of that, however, is owing to the increase in fares rather than a decrease in confidence.
The capacity controls the industry has implemented will result in significantly lower leisure travel, IMO, while increasing margins as well.
Dave
#3
Join Date: Sep 2000
Location: OH
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A couple of business trips have either been cancelled in favour of web meetings or some people who weren't 100% necessary have been uninvited.
I would normally make the mileage run to make up the points I need to EXP but I'm not willing to shell out the $500 or so that would take. So, sadly, it looks as if I will fall to lowly Plat come Feb 09
I would normally make the mileage run to make up the points I need to EXP but I'm not willing to shell out the $500 or so that would take. So, sadly, it looks as if I will fall to lowly Plat come Feb 09
#4
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Join Date: Mar 2000
Posts: 17,378
My travel is almost exclusively personal, and yes - the economy has impacted the amount I might otherwise have booked.
Most of that, however, is owing to the increase in fares rather than a decrease in confidence.
The capacity controls the industry has implemented will result in significantly lower leisure travel, IMO, while increasing margins as well.
Dave
Most of that, however, is owing to the increase in fares rather than a decrease in confidence.
The capacity controls the industry has implemented will result in significantly lower leisure travel, IMO, while increasing margins as well.
Dave
If you follow the business end, airline stocks are interesting here. They "crashed" earlier this year when oil went into the $140s, and folks thought it would go up forever. The airlines responded by dramatically cutting seats -- particularly domestic U.S. seats -- so they could boost prices but cutting supply. Well, now they can pay the fuel bill, but the question is whether they'll have any customers.
My guess is that if we don't have only a modest recession, the airlines will do quite well. They obviously won't if this is the start of a 1929-style depression (which seems unlikely to me, but there's great panic on Wall Street).
#5
Join Date: Feb 2007
Programs: DL Plat, Marriott Gold
Posts: 1,314
Business -- when a client needs me, they really need me, and travel costs don't affect their thought process much.
Personal -- most of my "at risk" investments are in 401k/403b type accounts or IRAs from previous employers. Sure, they've tanked, but I have enough time to retirement (15+ years) that current values in those accounts aren't a big concern when considering what I'll do today.
The bulk of my accounts that I use for current expenses (like trips, home repairs, etc.) are in more conservative investments, which have been largely unaffected by the current downturn.
I'll also add that I don't take out loans often -- my only debt (current and for the forseeable future) is my home mortgage, so the increasing cost of credit doesn't impact my buying patterns.
#7
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A couple of business trips have either been cancelled in favour of web meetings or some people who weren't 100% necessary have been uninvited.
I would normally make the mileage run to make up the points I need to EXP but I'm not willing to shell out the $500 or so that would take. So, sadly, it looks as if I will fall to lowly Plat come Feb 09
I would normally make the mileage run to make up the points I need to EXP but I'm not willing to shell out the $500 or so that would take. So, sadly, it looks as if I will fall to lowly Plat come Feb 09
And it wasn't helped this aft when a retainer client canceled my contract due to the market/sales being soft/the economy
Cheers.
#8
Join Date: Jan 2005
Location: SIN 5 days out of 7
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Posts: 5,505
Strangely I seem to be travelling more...for leisure.
Mostly the result of unconnected circumstances but the occasional sale fare in combination with FFP promotions seems to help encourage me, which I guess is helping the airline to increase their load factors.
Now is a good time to take holiday from work given the lack of it, but also, why wait around for exchange rates to sour and inflation to take their toll on capital? I'm more encouraged to fly to some cheaper destinations.
Mostly the result of unconnected circumstances but the occasional sale fare in combination with FFP promotions seems to help encourage me, which I guess is helping the airline to increase their load factors.
Now is a good time to take holiday from work given the lack of it, but also, why wait around for exchange rates to sour and inflation to take their toll on capital? I'm more encouraged to fly to some cheaper destinations.
#13
Join Date: Apr 2005
Location: ORD, MKE
Programs: UA, AA, Hilton and regular member of everything else
Posts: 1,332
since my work depends on gov't funding... we are in a bit of trouble (for now congress decided to push back voting for the FY09 budget until next year, which means we operate at the same level is FY08, but the way things are going, there will likely be some serious cutbacks next fiscal year... and my traveling time may decrease).
#14
Join Date: Nov 2006
Posts: 1,512
We're struggling to get enough staff to meet current business needs (and if things keep going they way they are we're going to have to turn away a huge amount of business) so my travel is increasing rapidly as I attempt to spread myself too thin between a number of clients. I'm hoping that the current troubles will result in ex pat aussies coming home and so make it easier to get quality staff.
#15
Join Date: Aug 2006
Location: CLT
Posts: 7,249
The only issue i'm having is with all this travel on my personal life since my SO's job is down the tubes and he wonders why I'm not home like he is.
Last edited by gj83; Oct 6, 2008 at 8:19 pm Reason: quoted wrong poster