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European Leisure Travel Industry - Europe - September 2009

This report constitutes an analysis of the European leisure travel industry with a primary focus on the role of the large tour operators. The report begins with a general discussion of the European travel market overall, including an overview of demographic and macroeconomic trends, as well as spending on travel and tourism and Internet penetration.

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Table of contents

  1. Introduction

      • Key findings
        • Abbreviations
        • Data Sources

          • European Overview

              • Population structure
                • Ageing of the population
                  • 80+ segment to grow rapidly
                    • Figure 1: Percentage distribution of the population in selected age groups, by region/country, 2009 and 2050
                  • More outbound travel from Northern & Central Europe
                    • 25-44 age segment is the prime outbound travel market
                      • Drop in outbound travel after 64
                        • Figure 2: Breakdown of trips (holidays of four nights or more), by country, age segment and type of destination, 2006
                        • Figure 3: Breakdown of trips (holidays of four nights or more), by country, age segment and type of destination, 2006 (continued)
                      • Economic growth
                        • IMF sees light at the end of the tunnel
                          • But unemployment will continue to rise
                            • Figure 4: GDP growth, consumer prices, unemployment and current accounts balances, 2007-10
                          • Exchange rate outlook
                            • Figure 5: Exchange rates, actual and forecast, (units per US$), 2008-10
                          • Impact of currency moves on European leisure travel
                            • Travel and tourism expenditure
                              • Figure 6: Trend in European* nominal expenditure on travel and tourism and incoming receipts, 2008-13
                            • Long-term outlook
                              • Figure 7: Travel and tourism expenditure in europe*, 2009-19
                            • Internet penetration and user growth
                              • Figure 8: Internet users and penetration, by European country, June 2009
                          • Major Industry Players and the Current Market

                              • Mergers, acquisitions, restructuring, bankruptcies – trend towards consolidation
                                • TUI Travel and Thomas Cook Group dominate a shrinking market
                                  • TUI sells Hapag-Lloyd for €4.45 billion
                                    • TUI retains a one-third stake
                                      • Fredriksen versus Mordashov
                                        • Conflict of interest accusations
                                          • Fredriksen’s motion did not succeed
                                            • TUI AG might take back some TUI Travel operations to Germany
                                              • Bankruptcy is the order of the day
                                                • XL left tens of thousands stranded
                                                  • Skyrocketing fuel costs
                                                    • Warning signs of a collapse
                                                      • Trading under a wide variety of names
                                                        • Impact on the travelling public
                                                          • Bankruptcy usually not covered
                                                            • Impact on the industry
                                                              • A UK market share of 7-10%
                                                                • Thomas Cook parent, Arcandor AG, in dire financial straits
                                                                  • Thomas Cook excluded from bankruptcy proceedings
                                                                    • REWE could be interested in Cook
                                                                      • Obstacles to be overcome
                                                                        • Thomas Cook sale increasingly likely
                                                                          • Cook raises some cash with the sale of its stake in L’TUR
                                                                          • Ranking of the Major Players

                                                                              • Stagnation since 2002
                                                                                • The two top tour operators worldwide are UK plcs
                                                                                  • Figure 9: Top 10 European leisure travel groups, fiscal years 2007 and 2008
                                                                                • TUI Travel/TUI AG
                                                                                  • Mainstream
                                                                                    • Central Europe
                                                                                      • Northern Europe
                                                                                        • Western Europe
                                                                                          • Margins improved in fiscal year 2008
                                                                                            • Figure 10: Mainstream sector results, FY 2007/08
                                                                                          • Specialist and emerging markets
                                                                                            • North America
                                                                                              • Europe
                                                                                                • Emerging markets
                                                                                                  • Falling revenues and lower margins
                                                                                                    • Figure 11: Specialist and emerging markets sector results, FY 2007/08
                                                                                                  • Activity sector
                                                                                                    • Adventure
                                                                                                      • Marine
                                                                                                        • Ski
                                                                                                          • Student
                                                                                                            • TUI has acquired language course specialists
                                                                                                              • Sport
                                                                                                                • Activity – a growth sector
                                                                                                                  • Figure 12: Activity sector results, FY 2007/08
                                                                                                                • Accommodation & Destinations
                                                                                                                  • B2B – Portfolio Incoming
                                                                                                                    • B2B – Hotelbeds
                                                                                                                      • B2C
                                                                                                                        • A high margin growing business
                                                                                                                          • Figure 13: Accommodation & Destinations results, FY 2007/08
                                                                                                                        • TUI Hotels & Resorts
                                                                                                                          • Figure 14: TUI Hotels & Resorts portfolio, 31 December 2008
                                                                                                                        • RIU
                                                                                                                          • RiuLand Children’s entertainment
                                                                                                                            • 1,000 rooms to open in Cuba
                                                                                                                              • Grupotel
                                                                                                                                • Robinson
                                                                                                                                  • Magic Life
                                                                                                                                    • Iberotel
                                                                                                                                      • Grecotel
                                                                                                                                        • Dorfhotels
                                                                                                                                          • Other TUI hotel brands
                                                                                                                                            • Underlying operating profit up 53% for TUI Travel
                                                                                                                                              • Figure 15: Underlying/reported comparative results for TUI Travel, years ended 30 September 2007/08
                                                                                                                                              • Figure 16: Reconciliation of underlying profit before tax to reported profit/(loss) before tax, 2007/08
                                                                                                                                            • Turnover up 9% for TUI Hotels & Resorts
                                                                                                                                              • Cruise turnover up 9%
                                                                                                                                                • Figure 17: Results for TUI AG’s hotels and cruise businesses, fiscal years ended 31 October, 2007/08
                                                                                                                                              • Prospects for the current financial year
                                                                                                                                                • Winter 2008/09 went according to plan
                                                                                                                                                  • Figure 18: TUI Travel trading update, winter season 2008/09, 30 April 2009
                                                                                                                                                • Summer not looking good, however
                                                                                                                                                  • Figure 19: Booking trends for summer 2009, y-o-y change % as of 2 August 2009
                                                                                                                                                • Down across the boards
                                                                                                                                                  • Figure 20: Current trading summer 2009, as of 10 May 2009
                                                                                                                                                • A weak Q1/2009 for TUI AG
                                                                                                                                                  • Figure 21: Consolidated results for TUI’s tourism businesses, FY Q1/2008/09
                                                                                                                                                • Thomas Cook Group
                                                                                                                                                  • Details by segment
                                                                                                                                                    • Figure 22: Summary of Thomas Cook business units, based on results for FY 2007/08
                                                                                                                                                  • Interim results flattered by favourable currency moves
                                                                                                                                                    • Thomas Cook expands in the luxury sector
                                                                                                                                                      • Cook is expanding outside Europe
                                                                                                                                                        • Acquisitions in India & Middle East
                                                                                                                                                          • Terms of the deals
                                                                                                                                                            • Strategic alignment
                                                                                                                                                              • TCIL
                                                                                                                                                                • Egypt
                                                                                                                                                                  • The TriWest acquisition
                                                                                                                                                                    • Thomas Cook’s hotel links
                                                                                                                                                                      • Thomas Cook has purchased MedHotels from lastminute.com
                                                                                                                                                                        • Holiday hotels
                                                                                                                                                                          • Cook has also purchased hotels4U
                                                                                                                                                                            • Med Hotels and hotels4u to remain separate brands
                                                                                                                                                                              • Sentido launches with 17 hotels
                                                                                                                                                                                • Mountain regions could also be included
                                                                                                                                                                                  • Thomas Cook in exclusive deal for Turkish hotels
                                                                                                                                                                                    • REWE
                                                                                                                                                                                      • Two types of tour operators
                                                                                                                                                                                        • ITS – the volume brand
                                                                                                                                                                                          • Jahn Reisen – the brand for individual specialities
                                                                                                                                                                                            • Tjaereborg – the dynamically priced brand
                                                                                                                                                                                              • INDI
                                                                                                                                                                                                • Dertour – the modular holiday brand
                                                                                                                                                                                                  • Dertour enters the health tourism market
                                                                                                                                                                                                    • 2009 turnover up 18% in Romania
                                                                                                                                                                                                      • Meier’s Weltreisen – the long-haul specialist
                                                                                                                                                                                                        • ADAC Reisen – the mobile holiday brand
                                                                                                                                                                                                          • REWE Touristik Hotels & Investments
                                                                                                                                                                                                            • Calimera Active Hotels
                                                                                                                                                                                                              • PrimaSol Hotels
                                                                                                                                                                                                                • LTI International Hotels
                                                                                                                                                                                                                  • Number one for distribution
                                                                                                                                                                                                                    • Sales downturn for specialist tour operators
                                                                                                                                                                                                                      • Heavy discounting for early booking
                                                                                                                                                                                                                        • Kuoni
                                                                                                                                                                                                                          • Leisure travel
                                                                                                                                                                                                                            • A new concierge service introduced
                                                                                                                                                                                                                              • Mainstream segment
                                                                                                                                                                                                                                • Distribution
                                                                                                                                                                                                                                  • Kuoni’s concierge service
                                                                                                                                                                                                                                    • Destination Management
                                                                                                                                                                                                                                      • Recent acquisitions
                                                                                                                                                                                                                                        • Desert Adventures Tourism
                                                                                                                                                                                                                                          • Kuoni acquired ATM
                                                                                                                                                                                                                                            • Kuoni moves into the Chinese market
                                                                                                                                                                                                                                              • Guangzhou International Travel Services
                                                                                                                                                                                                                                                • 160 travel agencies and a turnover of €133 million
                                                                                                                                                                                                                                                  • Kuoni discontinued Shoestring
                                                                                                                                                                                                                                                    • 2008 results encouraging
                                                                                                                                                                                                                                                      • But cash flow down…
                                                                                                                                                                                                                                                        • Results by SBU
                                                                                                                                                                                                                                                          • Switzerland
                                                                                                                                                                                                                                                            • Scandinavia
                                                                                                                                                                                                                                                              • UTE Megapolus
                                                                                                                                                                                                                                                                • SBU Europe
                                                                                                                                                                                                                                                                  • SBU United Kingdom
                                                                                                                                                                                                                                                                    • Asia & Destination Management
                                                                                                                                                                                                                                                                      • Outlook
                                                                                                                                                                                                                                                                        • A new reporting structure
                                                                                                                                                                                                                                                                          • Figure 23: Tour-operating booking levels for the Kuoni Group as of 15 March 2009
                                                                                                                                                                                                                                                                        • Kuoni’s cost reduction programme
                                                                                                                                                                                                                                                                          • Club Med
                                                                                                                                                                                                                                                                            • The move upmarket
                                                                                                                                                                                                                                                                              • Figure 24: Number of 4-/5-trident customers in the winter season, 2004-09
                                                                                                                                                                                                                                                                            • Quality not quantity
                                                                                                                                                                                                                                                                              • Figure 25: Club Med customer numbers, by region, 2004-08
                                                                                                                                                                                                                                                                            • Shoring up company finances
                                                                                                                                                                                                                                                                              • Club Med no longer in the tour operator business
                                                                                                                                                                                                                                                                                • Capital increase
                                                                                                                                                                                                                                                                                  • Adapting to the global crisis
                                                                                                                                                                                                                                                                                    • Figure 26: Adapting CAPEX* projects, 2007-10
                                                                                                                                                                                                                                                                                    • Figure 27: Capacity, by category and region, 2007 and 2008
                                                                                                                                                                                                                                                                                  • Alltours
                                                                                                                                                                                                                                                                                    • Alltours’ new tour operator
                                                                                                                                                                                                                                                                                      • Alltours is buying hotels
                                                                                                                                                                                                                                                                                        • No borrowing necessary
                                                                                                                                                                                                                                                                                          • New hotel concept
                                                                                                                                                                                                                                                                                            • Alltours España
                                                                                                                                                                                                                                                                                              • Alpitour
                                                                                                                                                                                                                                                                                                • Revenue stagnating
                                                                                                                                                                                                                                                                                                  • Figure 28: Alpitour results, FY 2007-08
                                                                                                                                                                                                                                                                                                  • Figure 29: Results, by business segment, FY 2008
                                                                                                                                                                                                                                                                                                • Alpitour’s tour operator brands
                                                                                                                                                                                                                                                                                                  • Alpitour World Hotels & Resorts
                                                                                                                                                                                                                                                                                                    • Alpitour divests
                                                                                                                                                                                                                                                                                                      • Outlook
                                                                                                                                                                                                                                                                                                        • Hotelplan
                                                                                                                                                                                                                                                                                                          • EBITDA down sharply in fiscal 2008
                                                                                                                                                                                                                                                                                                            • Figure 30: Hotelplan comparative results, FY 2007/08
                                                                                                                                                                                                                                                                                                            • Figure 31: Turnover, by Hotelplan subsidiary, FY 2008
                                                                                                                                                                                                                                                                                                          • Hotelplan Group growth strategy
                                                                                                                                                                                                                                                                                                            • M-Travel subdivisions
                                                                                                                                                                                                                                                                                                              • Figure 32: Hotelplan Group strategy, 2007-09
                                                                                                                                                                                                                                                                                                            • TClub expanded internationally
                                                                                                                                                                                                                                                                                                              • New niche operators
                                                                                                                                                                                                                                                                                                                • VACANDO
                                                                                                                                                                                                                                                                                                                  • Hotelplan also in Russia
                                                                                                                                                                                                                                                                                                                    • Inntravel
                                                                                                                                                                                                                                                                                                                      • FTI Touristik
                                                                                                                                                                                                                                                                                                                        • The specialists
                                                                                                                                                                                                                                                                                                                          • LAL Language Travel
                                                                                                                                                                                                                                                                                                                            • Figure 33: FTI’s language school portfolio, 2008-09
                                                                                                                                                                                                                                                                                                                          • fly.de
                                                                                                                                                                                                                                                                                                                            • DriveFTI
                                                                                                                                                                                                                                                                                                                              • Distribution
                                                                                                                                                                                                                                                                                                                                • Sonnenklar.TV
                                                                                                                                                                                                                                                                                                                                  • Destinations
                                                                                                                                                                                                                                                                                                                                    • Winners and losers for the summer season 2009
                                                                                                                                                                                                                                                                                                                                      • Outlook for the winter season 2009/10
                                                                                                                                                                                                                                                                                                                                        • All-inclusive trend continues
                                                                                                                                                                                                                                                                                                                                          • Early booking savings – including bonus nights on arrival
                                                                                                                                                                                                                                                                                                                                            • 13% more hotels in 14 catalogues
                                                                                                                                                                                                                                                                                                                                              • Ventaglio
                                                                                                                                                                                                                                                                                                                                                • Ventaglio’s tour operator brands
                                                                                                                                                                                                                                                                                                                                                  • Ventaglio
                                                                                                                                                                                                                                                                                                                                                    • Viaggi Columbus
                                                                                                                                                                                                                                                                                                                                                      • Ventaglio I Viaggi
                                                                                                                                                                                                                                                                                                                                                        • Caleidoscopio reinstated
                                                                                                                                                                                                                                                                                                                                                          • Utat Viaggi sold
                                                                                                                                                                                                                                                                                                                                                            • Best Tours
                                                                                                                                                                                                                                                                                                                                                              • 105Travel – the new youth brand
                                                                                                                                                                                                                                                                                                                                                                • ‘Lungomare’
                                                                                                                                                                                                                                                                                                                                                                  • New developments in fiscal year 2008
                                                                                                                                                                                                                                                                                                                                                                    • Distribution strategy
                                                                                                                                                                                                                                                                                                                                                                      • www.ventapoint.com
                                                                                                                                                                                                                                                                                                                                                                        • Group EBITDA down by 74% in fiscal year 2008
                                                                                                                                                                                                                                                                                                                                                                          • Figure 34: Ventaglio Group’s comparative results, FY 2007-08*
                                                                                                                                                                                                                                                                                                                                                                        • The ‘2009-12 restructuring and turnaround plan’
                                                                                                                                                                                                                                                                                                                                                                          • Asset sales already anticipated and underway
                                                                                                                                                                                                                                                                                                                                                                            • Livingston sold
                                                                                                                                                                                                                                                                                                                                                                              • Best Tours sold
                                                                                                                                                                                                                                                                                                                                                                                • 15 hotels sold
                                                                                                                                                                                                                                                                                                                                                                                • Online Travel Groups

                                                                                                                                                                                                                                                                                                                                                                                    • Figure 35: Global distribution system ownership breakdown, 2009
                                                                                                                                                                                                                                                                                                                                                                                  • Amadeus
                                                                                                                                                                                                                                                                                                                                                                                    • Sabre
                                                                                                                                                                                                                                                                                                                                                                                      • Travelport
                                                                                                                                                                                                                                                                                                                                                                                        • GDSs still an important channel
                                                                                                                                                                                                                                                                                                                                                                                          • Who are the big Internet players worldwide?
                                                                                                                                                                                                                                                                                                                                                                                            • Brand expansion strategy
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 36: Selected major Internet travel portal providers active in Europe, 2009 
                                                                                                                                                                                                                                                                                                                                                                                            • Expedia Europe
                                                                                                                                                                                                                                                                                                                                                                                              • Europe’s bookings and revenue more than 20% of Expedia’s total
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 37: Segment results for Expedia Europe, 2006-08
                                                                                                                                                                                                                                                                                                                                                                                              • Expedia tussles with Ryanair
                                                                                                                                                                                                                                                                                                                                                                                                • Ryanair later backed out of the deal
                                                                                                                                                                                                                                                                                                                                                                                                  • Expedia’s Venere.com acquisition
                                                                                                                                                                                                                                                                                                                                                                                                    • Agency basis only
                                                                                                                                                                                                                                                                                                                                                                                                      • Venere operates autonomously
                                                                                                                                                                                                                                                                                                                                                                                                        • Expedia beefs up EMEA presence
                                                                                                                                                                                                                                                                                                                                                                                                          • JoinExpedia.com
                                                                                                                                                                                                                                                                                                                                                                                                            • Global lodging agreements
                                                                                                                                                                                                                                                                                                                                                                                                              • Orbitz
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 38: Orbitz share price, July 2007-July 2009
                                                                                                                                                                                                                                                                                                                                                                                                              • Priceline
                                                                                                                                                                                                                                                                                                                                                                                                                • Travelocity
                                                                                                                                                                                                                                                                                                                                                                                                                  • hotel.de AG
                                                                                                                                                                                                                                                                                                                                                                                                                    • HRS (R Ragge GmbH)
                                                                                                                                                                                                                                                                                                                                                                                                                    • Major European Outbound Markets by Country/Region

                                                                                                                                                                                                                                                                                                                                                                                                                        • Only four true international players left
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 39: Geographic coverage of leading European tour operators, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                        • Austria
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 40: Personal/incoming travel and tourism expenditure in Austria, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                        • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                          • Holiday trips of four nights or more
                                                                                                                                                                                                                                                                                                                                                                                                                            • Travel propensity
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 41: Holiday travel behaviour of the Austrian population*, 2000-08
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 42: Top destinations abroad for main holiday trips, 2007
                                                                                                                                                                                                                                                                                                                                                                                                                            • Transport
                                                                                                                                                                                                                                                                                                                                                                                                                              • Accommodation
                                                                                                                                                                                                                                                                                                                                                                                                                                • Seasonality
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                    • TUI Austria
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 43: TUI Austria performance data, FY 2007-08
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Winter trading update 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 44: TUI Austria –2008/09 winter trading update, at 30 April 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Summer trading update 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 45: TUI Austria – summer trading update, at 10 May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                    • ITS Billa Reisen Austria’s direct marketing operator
                                                                                                                                                                                                                                                                                                                                                                                                                                      • FTI Austria
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 46: Personal/incoming travel and tourism expenditure in Belgium, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 47: Trend in Belgian holidays, 2000-07
                                                                                                                                                                                                                                                                                                                                                                                                                                        • France remains number one
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 48: Ranking of holiday destinations, by Belgian arrivals, 2000-07
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Shorter stays at the beach
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 49: Holidays – Average length of stay, by destination, 2000-07
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Air packages 61% in summer 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Accommodation only – a growth segment
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Winter 2008-09 bookings down 5.6%
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Air packages take a hit – down 10.4%
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Car holidays fared slightly better
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ski holidays held up well
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The TUI and Thomas Cook duopoly
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • TUI profit up
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Winter 2009/10 trading update
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 50: TUI Belgium – 2008/09 winter trading update at 30 April 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Summer 2009 trading update
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 51: TUI Belgium – summer trading update at 10 May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Thomas Cook
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Eastern Europe (Czech Republic, Hungary and Poland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Czech Republic – market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 52: Personal/incoming travel and tourism expenditure in Czech Republic, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 53: Long outbound personal trips of four overnights or more, 2007
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Czech Republic – travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • CK Fischer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • ITS Billa Travel comes to Czech Republic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Hungary – market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 54: Personal/incoming travel and tourism expenditure in Hungary, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Hungary – travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Thomas Cook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • TUI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Budget carrier competition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Poland – market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 55: Personal/incoming travel and tourism expenditure in Poland, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Poland – travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • TUI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 56: TUI Poland – 2008/09 winter trading update at 30 April 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 57: TUI Poland – summer 2009 trading update at 10 May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Thomas Cook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Orbis Travel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 58: Personal/incoming travel and tourism expenditure in France, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 59: Year-on-year trend in personal trips taken, by French residents 15+, 2007-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Different trends according to type of accommodation and destination
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 60: Type of accommodation used for personal trips, by destinations, comparison 2007-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Lower discretionary spending while on holiday
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • French restaurant VAT reduced
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A sharp drop in trips abroad
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 61: Trend in trips, by length of stay according to destination, comparison 2007-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Foreign destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 62: Personal travel in overseas France and abroad, by destination, 2007
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Current air travel destination trends for the summer of 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 63: Top five short-haul destinations for the month of July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 64: Top five long-haul destinations for the month of July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Train travel gaining ground
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 65: Y-o-y % change in personal trips, by mode of transport, 2007-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Less hotel arrivals in the French West Indies, but an increase in Guyana
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A fall in hotel capacity in the DOMs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 66: Trend in hotel nights in the DOMs, 2007-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • But 2009 looks more challenging…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Flight-only is still up, however….
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 100% more tourists were bailed out by the French APS in 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TUI/Nouvelles Frontiéres
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Winter sales down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 67: TUI France – 2008/09 winter trading update at 30 April 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sales decline seen accelerating for the summer 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 68: TUI france – summer 2009 trading update at 10 May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Thomas Cook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Jet tours acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marmara
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Club Med
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fram
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Fram buys Plein Vent
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 69: Personal/incoming travel and tourism expenditure in Germany, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The world’s biggest outbound market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 70: German holiday travel propensity, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Germans still confident in early 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 71: Trend in German travel intentions for the travel year 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Holiday travel only sacrificed as a last resort
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Trend in holiday destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 72: Trend in holiday destinations, 1997-2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Non-European Mediterranean gains further market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 73: Market share of non-European Mediterranean destinations of all holiday trips, 2002-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Ranking of domestic destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 74: Leading destinations for domestic holidays in Germany, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mediterranean and Austria on top
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Only 6% of trips are long haul
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Long-term trends in transport and accommodation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 76: Long-term trend in transport and accommodation used on holiday trips, 1998 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Travel organisation and booking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 77: Organisation of holiday trips*, 2005 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Trend in booking channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 78: Trend in booking channels, 2005 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • 12 million Germans to book summer holidays online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outlook for spending on holiday travel in 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 79: Holiday expenditure planned for 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Holidays are considered as basic need
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 80: Ranking of consumption priorities, 2006 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • More optimism, but sales still weak…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tentative recovery in June
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 81: Long-term market trend in client numbers and revenues, 2000-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market share trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 82: Ten leading tour operators in Germany, 2008 (ranked by fiscal 2008 turnover)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Triumph of the ‘Middelstands’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • TUI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 83: TUI Germany – 2008/09 winter trading update at 30 April 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • TUI sees downturn for the summer 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 84: Summer 2009 trading update, 10 May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Destination trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TUI Germany 2008 trading results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • TUI cutting prices and capacity for the winter 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Margins to be maintained
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New products for the winter season
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • But the plan for a crossholding has been annulled
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • De-risking of TUIfly achieved
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Air Berlin & LTU
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Wolters to become ‘TUI Ferienhaus’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TUI’s ‘Reiseleicht’ modular brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Thomas Cook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Airlines Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 85: Performance data for Thomas Cook’s German airline, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Neckermann agencies purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • REWE Touristik
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Alltours
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • FTI Touristik
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Öger – Gruppe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 86: Öger tours clients and turnover, fiscal years 2005-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tour operators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Hotels and incoming figures
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aida Cruises
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Schauinsland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Phoenix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • GTI Travel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 87: Personal/incoming travel and tourism expenditure in Ireland, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spending on foreign holidays down by 28% in Q1/2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Budget Travel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 88: Personal/incoming travel and tourism expenditure in Italy, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 89: Italian outbound holiday trips, 2006-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 90: Italian outbound holiday trips, by destination and length of journey, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Internet bookings up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 91: Booking channel for outbound holiday trips, 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Alpitour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ventaglio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Netherlands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 92: Personal/incoming travel and tourism expenditure in the Netherlands, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 93: Long* outbound holiday trips, by destination in 2007
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Over one million ski holidays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • OAD
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 94: OAD performance figures, 2005-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • TUI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 2008 results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 95: TUI Netherlands performance data, fiscal year 2007-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales fell in winter 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 96: TUI Netherlands – 2008/09 winter trading update at 30 April 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Half-year results – slightly less negative
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • But an accelerating downturn for the summer 2009…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 97: TUI Netherlands – summer 2009 trading update at 10 May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Thomas Cook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Other competitors: Vacansoleil, Sudtours & De Jong Intra Vakanties
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Nordic region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 98: Market shares, by tour operator in the Nordic region mainstream air charter market, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 99: Key performance figures for Thomas cook, TUI and Kuoni in the Nordic market, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 100: Thomas Cook market share by Nordic market outbound major destination, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Thomas Cook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 101: Thomas Cook Nordic’s concept hotels brands, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • TUI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Winter 2008/09 trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 102: TUI Nordic – 2008/09 winter trading update at 30 April 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Summer 2009 trading update
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 103: TUI Nordic – summer 2009 trading update at 10 May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kuoni Scandinavia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Primera Travel Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 104: Primera brands, by country, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Denmark
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 105: Personal/incoming travel and tourism expenditure in Denmark, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 106: Market shares by tour operator in Denmark, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Kuoni has acquired Falk Lauritsen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Finland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 107: Personal/incoming travel and tourism expenditure in Finland, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strong gains in Eastern Mediterranean and Bulgaria
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 108: Market shares, by tour operator in Finland, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Norway
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 109: Personal/incoming travel and tourism expenditure in Norway, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 110: Outbound holiday trips and spending, 2002-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 111: Market shares, by tour operator in Norway, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sweden
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 112: Personal/incoming travel and tourism expenditure in Sweden, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 113: Market shares, by tour operator in Sweden, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Kuoni has purchased a Swedish golf specialist
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Russia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 114: Personal/incoming travel and tourism expenditure in Russia, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ‘Sun and sand’ holidays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Cyprus and the Maghreb
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 115: Trend in Russian outbound holiday destinations, 2002-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 116: Russian tour operators, 2006*
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • TUI’s CIS market push
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • VKO Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Voyage Kiev
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mostravel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 117: Personal/incoming travel and tourism expenditure in Spain, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Iberostar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Globalia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • 2008 operating results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 118: Breakdown of Globalia sales, by type, 2007-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Packages stagnating
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 119: Trend in Globalia package sales, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Switzerland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 120: Personal/incoming travel and tourism expenditure in Switzerland, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Kuoni on the acquisition trail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Kuoni buys Eastern Adriatic specialist
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kuoni acquired Swiss education specialist
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Cotravel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Hotelplan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • TUI Switzerland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 121: TUI Switzerland performance data, fiscal year 2007-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Winter was down also…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 122: TUI Switzerland – 2008/09 winter trading update at 30 April 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • And summer looks worse…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 123: TUI Switzerland – summer 2009 trading update at 10 May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ITS Coop Travel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 124: Personal/incoming travel and tourism expenditure in UK, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 125: UK residents' visits abroad, by year, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outbound travel hits a brick wall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Overseas expenditure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 126: UK residents' visits abroad, three months and 12 months to May 2008 and May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Travel market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The UK travel sector hard hit by insolvency
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A silver lining?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 127: Latest UK ATOL tour operator failures, 10 July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bedbank consolidation has altered the competitive landscape
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TUI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Customer numbers down 8% in 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sensatori
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More holiday villages
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Two new brochure concepts from First Choice for 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Winter 2008/09 trading update
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 128: TUI UK – charter – 2008/09 winter trading update at 30 April 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • But sales will likely fall in summer 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 129: TUI UK – charter – summer 2009 trading update at 10 May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Thomas Cook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • All-inclusive and ex-Eurozone in demand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 130: Summer 2009 mainstream current trading, 10 May 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Cook has acquired Gold Medal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Gold Medal management team
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Transaction cleared by the EU
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Trends and Issues in the European Travel Industry

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 131: Trends in overall online travel market size*, Europe 1998-2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • US still reserves a lot more online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK accounted for 30% of Internet sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 132: Breakdown of online travel reservations in Europe, by country/region, 2006 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spain and Italy lead European online travel growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • PhoCusWright’s conclusions sometimes at odds with Marcussen’s
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spain, the fastest-growing market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Italy faster than average growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • France – the second-largest market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Germany – 20% of bookings online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Scandinavia – almost half of bookings online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK – still growing in double digits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Direct versus indirect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online intermediaries increasing their share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Hotels a promising market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 133: Trend in the proportion of direct versus indirect online travel sales in Europe, 1998-2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Hotels up – packages down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 134: Breakdown of online travel reservations in Europe, by type, 2006 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • LCCs increase capacity to holiday destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Eight of the easyJet routes will operate from the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ryanair’s 33rd European base
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New routes from the Canaries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The cruise boom continues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK and Germany over half the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 135: Trend in cruise passengers, by European country, 2003-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The fast-growing German cruise market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sea cruises
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Expectations for 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • River cruise operators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Expectations for 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A warning signal on the horizon?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Travel agencies the main distribution channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Holiday rentals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Environment and sustainable development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Levels of acceptance vary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • More travel failures by autumn?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Thomas Cook back in British hands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • TUI under financial duress from shipping unit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Space travel anyone?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • ‘SpaceShipTwo’ and ‘WhiteKnightTwo’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Two hours to Sydney
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Index to TTI Destination Reports

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Country reports
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Index to Travel & Tourism Analyst

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Index grouped by geographic area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Special Reports Index

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            European Leisure Travel Industry - Europe - September 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            US $1,935.88 (Excl.Tax)