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SSoouvenirs
Updatee & &
FFoorecast
By Keve in Zimmmerman
OUVENIR COMPANIES have understandably fractional business and private residence clubs. Th at decline
been buff eted by the economic downturn in ways was the industry’s fi rst since 1975. Even the normally chip-
Sthat many other businesses have not. On top of the per American Automobile Association has been unable to
general slowdown in consumer purchases across the board, avoid delivering bad news. Th e group projected that 39.1
sales of keepsakes and trinkets picked up on trips and vaca- million travelers would take a trip of at least 50 miles from
tions have gone down, as companies cut back on business their homes during the Labor Day holiday, a decrease of 13.3
trips and families trend towards shorter holiday trips, or elect percent from 2008. Th at decline was due in part to Labor
to remain at home for a “stay-cation.” Day falling late this year, on Sept. 7, when school had already
According to recent data released by the U.S. Offi ce of begun for many children.
Travel and Tourism Industries, business from foreign tour- With summer over, the travel and souvenir industries
ists visiting the U.S. fell by 17 percent in the fi rst half of the now have another threat to ponder: the H1N1 fl u specter.
year, while Americans traveling abroad spent 13 percent less Concerns over the spread of the H1N1 virus may convince
than in the same period of 2008. And business continued to more Americans to stay at home during the upcoming holiday
decline as the year progressed. May saw a 23 percent decline season, during which time as many as 60 million people travel
in foreign tourism spending in the U.S., compared with the at least 50 miles from home, according to the AAA. Flu fears
same month a year earlier, while June dropped by 22 percent swept through Latin America earlier this year, prompting the
and July fell by 24 percent. Meanwhile, Americans spent Argentinean government to prohibit anyone under the age
$57.5 billion traveling abroad the fi rst half of the year; down of 18 from going to shopping malls, while in Mexico, malls,
13 percent from the same period in 2008. bars, theaters and churches were hit by signifi cant downturns
At the same time, U.S. vacation timeshare sales may in att endance and/or short-term closures, either voluntary
fall this year by as much as 30 percent from 2008, accord- or state ordered. Even without substantial outbreaks, mixed
ing to the American Resort Development Association. U.S. signals about the economy remain a major concern. “It has
timeshare sales fell by 8.5 percent last year to $9.7 billion, defi nitely been slow this year,” says Raymond Chio, sales
from a peak of $10.6 billion in 2007, excluding the luxury manager at Pacifi c Trading Inc. “We’re hoping that it’s going
Continued On 28 whwytriright
26 November 2009
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