Recent studies indicate improvement in the travel industry, but not a full return to the industry’s 2007 peak.

PhoCusWright, a travel industry market research firm, just released a study that indicated gradual improvement from 2009 to 2010.

According to the report, 63 percent of adults with Internet access took a paid leisure trip in 2010, and their average travel spending inched up 6 percent. As many as 32 percent of those surveyed planned on taking more trips in 2010 than in 2009.

As people are coming back to travel, their habits are changing. Many are planning shorter but more frequent trips. The leisure travel population is changing too. Baby Boomers have paid more for travel in 2010 than they did in 2009, but are far from equaling 2008 spending. Gen Y travelers have pulled back strongly from luxury travel.

Hotel executives echoed the finding in this study. Marriott Group President and COO Arne Sorenson has said that he is now highly optimistic about recovery prospects. For Marriott, many markets are returning to the peak 2007 levels of revenue per room. In another positive sign, one quarter of Marriott’s group business is booked through 2014. For the hotel chain, all U.S. markets are not back to the same level of business and Sorenson feels that the industry is still years away from achieving peak profitability.

Southwest and American’s recent air hike failure may be seen as additional sign of the limits of the travel industry’s growth. On Friday July 15, AirTran and other airlines attempted to raise ticket prices by $4 to $10, but the increase didn’t gain traction and fares dropped down to their original level by Sunday or Monday.

By Lily J. Kosner for PeterGreenberg.com.

Related Links: PhocusWright.com, HotelNewsNow.com, HotelNewsNow.com, Atlanta Journal-Constitution, USA Today

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