The global travel industry is in a strong position to see off any possible challenges that lie ahead this year as a result of the global credit crunch, according to one expert.
Peter Maurice, chief economist for air transport consultancy Ascend, commented that travel operators have become more street-wise in terms of their flexibility when faced with financial insecurity within the sector.
He said: "The travel industry is reasonably well placed, certainly in Europe and Asia Pacific, to face up to whatever gets thrown at it," he said.
Maurice explained that carriers in the US will suffer the most as a result of having to make "the most major adjustment", as a cutback in consumer spending looks certain to have a huge impact on the country .
He concluded that a "rebalancing of global markets" could soon take place, with the tourism markets in both India and China demonstrating significant growth.
The economist's comments come after recent reports signalled a drop in customer demand for long-haul economy travel, which lead to speculation that airlines could reduce the availability of 'budget' seats .
Last month, the Association of British Travel Agents (ABTA) revealed a staggering 70 million overseas trips were taken by Brits in 2007.
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