GREECE: They’re Not Even Trying Anymore

greece-independence-day-protests-police

AP/Kostas Tsironis

Wolf Richter

This post originally appeared at Testosterone Pit.

Italian Prime Minister Mario Monti, while visiting Japan, summarized it eloquently when he said, “The financial aspect of the crisis is over.” The ECB, despite any apparently fake German reservations, has jumped with both feet on the money printing bandwagon where it happily joins the Fed, the Bank of Japan, and other central banks around the world. The endless flow of money has started in the Eurozone, and Greek politicians, it now turns out, have figured this out.

Among them, Prime Minister Lucas Papademos who didn’t wait long to put the need for a third bailout package on the table. And the difficult reforms are falling off the table one by one. The new priority is the general election on May 6—the flood of euros having been secured for the time being. Politicians are jostling for position to grab whatever votes they can. They’re no longer paying attention to their legislative work, the tough reforms that party leaders and the government had promised the bailout Troika. Some of which would have to be completed before the elections. Promises made solely to obtain the second bailout package.

And they’re altering what little reform legislation does move forward, such as liberalizing the taxi industry, to curry favors with their supporters—to the utter frustration of their unelected technocrat Prime Minister who implored his ministers to focus on their jobs and stop the political quibbling. Apparently with little impact.

“It is the prime minister’s decision that this government should continue working right up to the last day,” spokesperson Pantelis Kapsis said lamely but admitted that much of the work would be left to the next government. So, the interim government only accomplished part of its job: the bond swap, a default that blew up over €100 billion in Greek bonds held by private sector investors. “We owed it to our children and grandchildren to rid them of the burden of this debt,” mused Evangelos Venizelos, at the time Finance Minister, after having whacked private sector investors with a 72% loss, while the drumbeat of Greece’s economic horror show continues in its own manner. For that unrelenting debacle and its consequences, read…. “A harder Default To Come.”

The interim government also accomplished another part of its job: it opened the Troika money spigot and got the bailout billions flowing again. But many of the reforms that it promised to implement would remain up in the air.

With one exception. Under pressure from the bailout Troika, Parliament is moving on a bill that would set in motion the creation of an escrow account for a big portion of the bailout billions, a condition imposed by the Troika who no longer trust Greece on anything. They want to make sure the money doesn’t evaporate. It will be used to repay Greece’s foreign creditors—their backdoor bailout being the purpose of the whole scheme. The Greek people, however, will see little of it.

And Papademos, who was supposed to oversee the hard work of implementing the promised reforms, and who has been shunted aside, darkened his outlook for the next government.

Further wage cuts might still be necessary, he said on Friday. And “joblessness will probably increase and the recession will probably continue,” through “most of 2013”—a downward revision from his assessment of only a few weeks ago when he pegged the end of the recession at mid-2013. With the bailout billions, the government would likely have enough money to fund pensions till 2015, he said, but that would be it. And his government was working on a proposal to cut another €12 billion from the budget, as promised to the Troika, he said, but the nearly impossible job of implementing those cuts: “The next government and the next parliament will decide.”

The writing is on the wall. Little will get done before the election. And after the new government takes over, it’s back to square one. More promises, more strikes, more disappointments, and the extortion racket to get more bailout billions will start all over again.

Meanwhile, across the border, deficit-plagued Turkey floated a plan to get its people to turn in their huge stash of physical gold in exchange for “certificates,” a first if still voluntary step in what may become a process of gold confiscation. And this, just as the world’s major central bankers met in Washington. For that load of ironies, doublespeak, and red flags, read…. Gold Confiscation, Inflation, And Suddenly


Greece’s PPC posts Q4 loss on provisions, costs


Fri Mar 30, 2012 7:33am EDT

* Greece’s PPC posts record 240 million euro loss in quarter

* Shares drop 3.2 percent

* Company expects higher sales, lower wage costs this year

(Adds share, analyst comment)

ATHENS, March 30 (Reuters) – Greece’s biggest electricity
producer PPC on Friday reported a record loss for the
fourth quarter, due to higher fuel costs and bad-debt provisions
related to the country’s economic crisis.

The state-controlled company hiked provisions to cope with
possible non-payment by austerity-hit customers, and took a
writedown on its investment portfolio.

That pushed the group to a net loss of 240 million euros
($318.65 million) in the last three months of the year, compared
with a profit of 37.4 million euros in the same period a year
earlier. Analysts in a Reuters poll had predicted a fourth
quarter loss of 191.2 million euros.

Full-year 2011 sales fell 5.1 percent to 5.51 billion euros,
as a result of competition and stagnant power demand in the
country’s worst recession since World War II.

Adding to its woes, higher energy prices increased PPC’s
costs to buy natural gas and oil, which it burns to produce a
large part of its energy.

The company said it expected to do better this year, helped
by a 9.2 percent increase in its regulated power prices and by
public sector wage cuts made possible under Greece’s European
Union/International Monetary Fund bailout.

“In 2012, we expect a positive impact on financial results,
both from the increase in electricity tariffs, wage cost cuts
and further savings initiatives,” the company’s Chief Executive
Arthouros Zervos said in a statement.

PPC has said earlier this month it expected sales to rise to
6.2 billion euros this year.

But analysts warned that PPC, slated for privatisation as
part of the country’s bailout, needs further electricity price
increases to balance its books — a political taboo in
austerity-hit Greece.

“PPC needs another double-digit electricity tariff
increase,” said Sofia Savvantidou, an analyst at Citibank.

For the full year, PPC posted a net loss of 148.9 million
euros, more than the average forecast of 100.4 million euros
according to a Reuters poll of analysts.

The company said it would not pay a dividend this year. Its
share price was down 3.5 percent at 09:50 GMT in Athens,
underperforming a 0.5 percent fall in the benchmark Athens share
index.

Weighed down by regulatory uncertainty and a tax onslaught
by Greece’s cash-strapped government, PPC shares have fallen 10
percent so far this year, compared with an 11 percent rise in
the Athens general index.
($1 = 0.7532 euros)

(Reporting by Harry Papachristou; Editing by Hans-Juergen
Peters and Jane Merriman)


My Life In Travel: Joanna Lumley, actress and broadcaster

My father was in the Army so I was born in India, came back to England by ship after the Partition, then went straight to Hong Kong and Malaysia.

My first real memory is travelling by armoured car when I was about six from Kuala Lumpur up to Fraser’s Hill. It was measurably higher than where we were in the swelteringly hot city and suddenly we were up amid tall trees with monkeys in them. The great thrill was that it was cold enough to wear a cardigan – I’d never worn one before.

Best holiday?

Strolling through the Swiss Alps in the summer with my husband. It was during filming for On Her Majesty’s Secret Service near Mürren. There was no snow but just waist-high meadow flowers and the great Jungfrau mountain opposite. I spent many happy weeks there.

Favourite place in the British Isles?

Dumfriesshire in Scotland. We have a cottage there, high up on a hill. You can see nothing except larks and buzzards, sheep and grazing cattle. There are gorgeous walks and wild winds, snow in the winter, hot sun in the summer. It’s empty and so very beautiful.

What have you learnt from your travels?

Roll your clothes up when you pack. They come out slightly less squashed and dreadful-looking that way. Also, take an army of plain black, white and khaki clothes – they’re a lot more durable and you can always put on some vast orange wrap or green necklace and still look quite glamorous.

Ideal travelling companion?

I don’t like sullen travellers or people who complain. I need someone who’s interested. I travel a lot with film crews. The ones I’m with at the moment, who filmed the Nile journey with me for ITV and the Greek Odyssey, programme, are ideal. They’re always polite and enthusiastic.

Beach bum, culture vulture or adrenalin junkie?

Culture vulture, though I don’t mind rolling up my sleeves and getting a bit of bronze occasionally. I discovered you could get pretty much all of those things in Greece, island-hopping by ferry, climbing mountains and eating great food.

Greatest travel luxury?

I always have a huge shawl with me. You can wrap it around yourself if you’re sleeping rough; make it into a pillow; or give yourself an extra layer of warmth. I have several chests full of them at home.

Holiday reading?

If you’re in America, you might want Hemingway. In France, some Agatha Christie. Always have an autobiography of someone who’s been to your destination. And, if you haven’t read any Patrick Leigh Fermor, he’s a good companion.

Where has seduced you?

Syria. I was doing a travel piece for a newspaper and it was the most spellbinding, majestic and thrilling place. There’s an ancient city called Palmyra, in the desert northeast of Damascus, which is about as grand a place as you’re ever likely to see on earth.

Better to travel or arrive?

I believe the journey is a destination in itself. I was virtually born in a suitcase and started moving as soon as I can remember. It’s heavenly to arrive, but travelling is the real magic. The idea of gypsies, caravanserai and travel books have always thrilled me.

Worst hotel?

A place in Uganda where we stayed while filming the Nile series. We traced the river from the Mediterranean to its source, through five great African countries. In Uganda we had to spend one night in a hotel that didn’t seem to have any food; there was no water and no electricity. We were fairly desperate.

Best hotel?

Also in Uganda, on the banks of the river. Outside it was just like the Garden of Eden. There were hippopotami pods and birds of every size and colour. You could hear lions and elephants walking through the gardens at night. It was paradise.

Best ride?

Going up a hillside from Paro in Bhutan on a small pony towards a little pagoda. It was on top of a high hill surrounded by pine trees. I remember looking across a vast valley at the Tiger’s Nest monastery clinging to the rocks a mile away. It was sublime.

Best meal abroad?

A place in Sicily. My husband and I drove out of Catania in a little rented car into the hills. There was a little roadside café with Formica tables and a big television set in the corner – everything that makes a place look rather unpromising. But they served the most perfect, fresh food: beautiful sliced tomatoes doused with basil, garlic and olive oil.

Dream trip?

St Petersburg. I went to Moscow in 1966 when the whole of Russia was in the grip of the Cold War. It was very hostile and anxious, with queues everywhere and nothing in the shops. I’d love to see the great waterfronts and palaces of St Petersburg now the whole thing is over.

Favourite city?

I adore Siena in Tuscany. I love the ancient streets, the food and all the different contrade (districts), which each has its own steed for the Palio horse race that happens in July and August each year.

Where next?

I’m off to open a school in Nepal. Then, the next trip is for a documentary where I’m hunting for Noah’s Ark in the mountains of Turkey and maybe Iran.

Joanna Lumley is an ambassador for one of Viking River Cruises’ four new Longships, which launched in Amsterdam this month (vikingrivercruises.co.uk).


Travel + Leisure: Europe Travel: 10 Money-Saving Tips (PHOTOS)

Timing is everything. Conventional wisdom has it that summer is the time to visit Europe; according to the Department of Commerce’s Office of Travel Tourism Industries, June and July are the peak months for U.S. travel there. Though those few extra rays are nice, the best values fall outside these heavily trafficked months. Airfares to Europe start to fall for departures in mid- to late August, just before the school year, and stay low through the end of March (except during the winter holidays and around spring-break time in the U.S.). Though room prices at big-city hotels tend to remain steady year-round, European resorts also have dramatic seasonal rate shifts. For example, at Adronis Luxury Suites, in Santorini, Greece, there’s a 7 percent difference between high- and shoulder-season rates. Shoulder-season travel also means fewer crowds and, more often than not, suitable weather. Spring means more frequent showers, but the flowers are in bloom in the English countryside. In August, temperatures in Paris soar to uncomfortable highs as residents exit en masse. But arrive in mild and sunny May, and you’ll have a greater chance of encountering locals, thanks to an outdoor-café scene in full swing. In some cases, even the off-season may be prime for visits: in Russia, cultural life is at its height in the winter.

See More Money-Saving Tips

Photo: iStock


Travellers still headed for Greece


A Greek and an EU flag fly over the Greece’s finance ministry in Athens Thursday. (REUTERS/Yannis Behrakis)

Greece’s tourism sector will grow moderately this year, a top United Nations official said on Thursday, in a rare optimistic forecast for the crisis-hit Mediterranean country whose image has been dented by strikes and protests.

Visits to Greece’s sun-drenched islands and ancient ruins account for about 15% of the economy and one in five jobs, making income from tourism crucial for a country grappling with a fifth year of recession.

Roughly 10% more tourists visited Greece last year, largely due to lower fares and the political turmoil in popular holiday destinations Egypt and Tunisia. The tourism sector contracted by a fifth in 2009-2010.

Greek industry officials have said that, based on a fall in pre-bookings from Germany, they expected tourism revenues to shrink this year.

But Taleb Rifai, secretary general of the U.N. World Tourism Organization, struck a more optimistic note on Thursday.

“Greece will have a positive growth although not in the same range as 2011,” Rifai told reporters during a visit to Athens, characterising the growth as “modest.”

He said the impact of the Arab Spring uprisings will not be as strong as last year, and the sector’s performance will depend a lot on the political situation in Greece and whether the government will make it easier for tourists from growing markets such as Russia and China to get visas.

Greek Tourism Minister Pavlos Geroulanos, who took part in the same news conference, declined to make any specific forecast or even say if he saw tourism growing or shrinking this year.

Greek tourism bodies have launched campaigns to lure German tourists, the world’s largest spenders on foreign holidays, back to the islands after the debt crisis deterred many from choosing the Mediterranean nation for vacations.


Greece May Have to Restructure Debt Again, S&P’s Kraemer Says

You need to enable Javascript to play media on Bloomberg.com


Enlarge image
Standard  Poor's Head of Sovereign Ratings Moritz Kraemer

Standard Poor’s Head of Sovereign Ratings Moritz Kraemer

Standard  Poor's Head of Sovereign Ratings Moritz Kraemer

Simon Dawson/Bloomberg

Standard Poor’s Head of Sovereign Ratings Moritz Kraemer.

Standard Poor’s Head of Sovereign Ratings Moritz Kraemer. Photographer: Simon Dawson/Bloomberg

Greece will probably have to
restructure its debt again and this may involve bailout partners
such as European governments, said Moritz Kraemer, head of
sovereign ratings at Standard Poor’s.

There may be “down the road, I’m not predicting today
when, another restructuring of the outstanding debt,” he said
at an event in London late yesterday. “At that time maybe the
official creditors need to come into the boat.”

Speaking at the same event at the London School of
Economics
, Poul Thomsen, the International Monetary Fund mission
chief to Greece, said while Greece has made an “aggressive”
fiscal adjustment, it will take at least a decade to fully
complete the country’s reforms.

Caretaker Prime Minister Lucas Papademos won parliamentary
approval on March 21 for a second 130 billion-euro ($173
billion) rescue program. Passage of the legislation moves the
country a step closer to elections that may be held as early as
next month. Greece pushed through the biggest sovereign debt
restructuring in history earlier this month, paving the way for
the bailout.

Thomsen said that after the elections, there is “no doubt
it will have to reduce its fiscal deficit.” He also said it’s
not clear when Greece will be able to return to markets.

“It remains uncertain, with this high level of debt and
the risks the program faces because of possible resistance to
reforms, when market access will return,” he said. “There’s no
room for manoeuver or policy slippage.”

Rescue Funds

The euro rose 0.1 percent against the dollar today and
traded at $1.3334 as of 8:06 a.m. in London. It was little
sovereign ratings at Standard Poor’s.

Italian Prime Minister Mario Monti said this week that the
euro area’s woes are “almost over” after a slow initial
response by policy makers. Still, European governments are
preparing for a one-year increase in the ceiling on rescue aid
to 940 billion euros ($1.3 trillion) to keep the debt crisis at
bay, according to a draft statement for finance ministers.

The euro-area finance chiefs will probably decide at a
meeting tomorrow to run the 500 billion-euro permanent European
Stability Mechanism alongside the 200 billion euros committed by
the temporary fund, a European official said yesterday.

Temporary Fund

Beyond that, they are also set to allow the temporary
fund’s unused 240 billion euros to be tapped until mid-2013 “in
exceptional circumstances following a unanimous decision of
euro-area heads of state or government notably in case the ESM
capacity would prove insufficient,” according to the draft
dated March 23 and obtained by Bloomberg News.

Thomsen said that while Greece’s fiscal adjustment has been
“unprecedented, very impressive, and undoubtedly socially very
painful,” a “major adjustment is still needed, of 6-7 percent
of gross domestic product.”

Kraemer said that the priority some creditors have been
claiming, such as the European Central Bank, is complicating the
ability of Greece to lower its borrowing costs and be able to
return to bond markets.

“More and more official creditors have been jumping the
queue and becoming so called preferred creditors, which means in
the case of a restructuring they do not participate,” he said.
For “the regular bond holders, the risk increases
significantly. That means that the investor will demand a higher
interest rate from Greece and that makes it harder for Greece
and other countries on the periphery to establish a sustainable
debt trajectory going forward.”

Monetary Union

Kraemer said that while making adjustments in a monetary
union is “more difficult,” it’s not an impossible task “if
the political preconditions and flexibility are there.”

European officials said this week that Greece must step up
efforts to tighten the budget and overhaul the economy to
prevent the second bailout from collapsing.

“Without a regime change in policy implementation and a
much broader political consensus in favor of painful but
necessary reforms, there is a high risk that the program
derails,” ECB Executive Board member Joerg Asmussen said.
“Political courage is needed more than ever.”

Asmussen’s comments were echoed by EU Economic and Monetary
Affairs Commissioner Olli Rehn, who said that “challenges
remain” as Greece seeks to cut its debt to around 116 percent
of gross domestic product in 2020 from more than 160 percent of
GDP last year.

To contact the reporter on this story:
Jennifer Ryan in London at
[email protected]

To contact the editor responsible for this story:
Craig Stirling at
[email protected]


Aegean Air Posts Higher Loss on Rising Fuel Costs, Greece

Aegean Airlines SA (AEGN) posted a wider
loss in 2011 from a year earlier amid higher fuel costs and
continued weak demand for travel from Greek customers.

The loss widened to 27.2 million euros ($36.2 million) from
23.3 million euros in 2010, according to an e-mailed statement
from the Athens-based carrier today. Sales rose 13 percent to
668 million euros. Fuel costs increased 51 percent to 184
million euros.

International passenger traffic rose 15 percent in 2011 to
3.5 million passengers as the company expanded outside Greece.
Domestic passengers declined 6 percent as Greeks cut back
travel. The carrier invested in additional slots in London and
Paris and has 166.8 million euros in cash and cash equivalents.

Greece’s gross domestic product shrank 6.9 percent in 2011,
the Hellenic Statistical Authority said. The economy is mired in
a fifth year of recession and unemployment in December reached a
record 21 percent. The country has agreed to a new wave of
austerity measures including wage and pension cuts in exchange
for a second bailout package worth 130 billion euros from the
European Union and International Monetary Fund.

The environment in the first quarter of 2012 “continues to
be weak with a further drop in demand,” Aegean said in the
statement.

To contact the reporter on this story:
Tom Stoukas in Athens at
[email protected]

To contact the editor responsible for this story:
Maria Petrakis at
[email protected]


Global Online Travel Report 2012

NEW YORK, March 19, 2012 /PRNewswire/ — Reportlinker.com announces that a new market research report is available in its catalogue:

Global Online Travel Report 2012 http://www.reportlinker.com/p0799335/Global-Online-Travel-Report-2012.html#utm_source=prnewswireutm_medium=prutm_campaign=Travel_Services

Global Online Travel Market continues to grow

In its latest “Global Online Travel Report 2012” Hamburg-based secondary market research firm yStats.com gives a detailed overview of the international online travel market. In addition to information about the global market, the report covers individual regions and 37 countries in America, Europe, the Asia-Pacific region, the Middle East and southern Africa. Last but not least, it lists online travel news about important players in the market.

The trend to book travel arrangements online will continue in 2012 – especially in emerging economies such as China, India and Brazil. In line with this trend the share of the online segment compared to the total travel market is expected to increase to almost one third worldwide. However, in 2011 the value of the US online travel market was still higher than that of Great Britain, China, India and Brazil combined.

Online travel arrangements continue to gain in popularity across the entire American continent

Compared to 2011, revenue generated in the US online travel market is forecasted to grow in 2012 by a low double digit percentage figure. Clients who bought travel products online in 2011 made most purchases through online travel agents amounting to almost 50%, followed by search engines and websites of tour operators. In the category mobile bookings, hotels were booked most frequently, followed by flights and travel packages. The “Global Online Travel Report 2012” by yStats.com also provides interesting facts about trends outside the USA. In Canada, in early March 2012 Expedia was the leading travel website: it generated twice as much traffic as the second placed website Flight Network. In Argentina particularly younger people tend to book travel arrangements online; however, internet use in this area is growing across all age groups.

Online travel sector is especially successful in Europe

In Europe the total number of bookings through online travel agencies increased by almost 20 % from 2010 to 2011. In Great Britain, more than half of all consumers avoid traditional travel agents altogether and book their holidays online instead. In Germany, in 2011 customers preferred travel agents for more expensive travel arrangements and online booking for cheaper tours. In this sector online revenue has grown considerably, while offline revenue has decreased. In France revenue generated with online travel bookings grew between January and September 2011 more than the total B2C E-Commerce revenue. Additionally, in 2011, B2C E-Commerce revenue in the category “Travel and Holiday Accommodation” was higher than in the next four categories combined. According to the “Global Online Travel Report 2012” by yStats.com almost half of all Italian online customers booked their accommodation online in 2011, making this the strongest category within Italian B2C E-Commerce. In Russia almost 50% of all passengers had purchased their flight on a travel website, while nearly one quarter had booked tickets via phone.

Growth potential in large parts of the Asia-Pacific region

Although growth in the category online hotel bookings is expected to slow down in the Asia-Pacific region between 2010 and 2012, it still exhibits double digit figures. In Japan the share of online travel bookings – in line with the soaring trend – surpassed for the first time 50% in 2010. Unique visitor numbers for travel websites were evenly distributed across all age groups in Japan, while the group of individuals older than 55 was slightly in the lead in the first quarter of 2011. In China in 2011, only 14% of all internet users had ever visited a travel website, but online travel bookings are expected to become more popular there too. The Indian online travel market is also estimated to grow by almost 30% in 2012. The data for Australia is outstanding: as shown in the report by market research specialist yStats.com, the category “Travel, Accommodation, Memberships or Tickets of any Kind” was the most popular online product category in June 2011.

Online travel market in the Middle East is catching up

Spurred by the introduction of online payment options, the online travel market in the Middle East is expected to grow considerably compared to 2011. The yStats.com report predicts growth for the share of online travel bookings in relation to total revenue generated with travel tickets until 2015, compared to 2010 figures.

Tour operators shift focus to E-Commerce

Aside from regional online travel markets, the yStats.com “Global Online Travel Report 2012” also features news about important players in this market to provide a comprehensive picture of this sector. TUI Travel’s strategy, for example, to focus on online sales in Great Britain paid off, considering that in January 2012 far more online bookings were recorded than in January 2011. In September 2011, Google introduced a flight search service in the USA, but it was faced with certain restrictions. Meanwhile, Priceline may be able to replace Expedia as the number one online travel specialist worldwide – in terms of international revenue this milestone has already been achieved in 2011. In 2011 and 2012, Orbitz Worldwide signed multi-year agreements with AOL Travel and United Continental Holdings. In February 2012, MakeMyTrip, one of the top online travel firms in India, successfully secured more than 50% of the Indian online travel market. The yStats.com report also provides company news from Emirates, Thomas Cook, Travelocity, Kayak, Odigeo, BookinTurkey, Ctrip, Yatra and Webjet.

Key Findingds

– The trend of booking trips online is expected to grow further in 2012, especially in emerging markets such as China, India and Brazil.

– In 2012, the “Online Travel Segment” is forecast to represent almost a third of the total global travel market value.

– Online travel sales in the US are forecasted to increase by more than +10% in 2012 compared to 2011.

– The UK is projected to remain the largest share of Europe’s online travel market in 2013, followed by Germany and France.

– Gross bookings on the Asia Pacific online leisure/ unmanaged business travel market are expected to increase by more than +30% in 2012 compared to 2010.

About our Reports

– Market reports by yStats.com inform top managers about recent market trends and assist with strategic company decisions

– yStats.com provides secondary market research: By using various sources of information we ensure maximum objectivity for all obtained data. As a result companies get a precise and unbiased impression of the market situation.

– The analyses, statistical reports and forecasts are only based on reliable sources including national and international statistical offices, industry and trade associations, business reports, business and company databases, journals, company registries and news portals.

– Our international employees research and filter all sources and translate relevant information into English. This ensures that the content of the original studies is correctly interpreted.

– yStats.com delivers all research results as PowerPoint files. All data can therefore be used directly for board presentations or be individually adapted.

– If required, yStats.com provides in-depth analysis for all research projects. Simply send us a request.

About yStats.com

yStats.com has been committed to research up-to-date, objective and demand-based data on markets and competitors for top managers from various industries since 2005. Headquartered in Hamburg, Germany, the firm has a strong international focus and is specialized in secondary market research. In addition to offering reports on markets and competitors, yStats.com also carries out client-specific research. Clients include leading global enterprises from various industries including B2C E-Commerce, electronic payment systems, mail order and direct marketing, logistics, as well as banking and consulting.

Companies Mentioned

Expedia, Priceline, Orbitz, Emirates, TUI Travel, Thomas Cook, Google, BookinTurkey, Ctrip, Kayak, MakeMyTrip, Odigeo, Travelocity, Webjet, Yatra

1. Management Summary

2. Global

– Trends in Online Travel, 2012

– Global Online Travel Segment Value, in USD billion and Growth in %, 2010 2012f

– Breakdown of the total Global Travel Market Value into Online and Offline, in %, 2012f

– Breakdown of Global Online Travel and Tourism Sales into Supplier Websites and Online Travel Agencies, in %, 2010

– Online Travel Market Values, in selected Countries, in USD billion, 2010

– Unique Travel Site Visitors, in millions, February 2010-February 2011

– Breakdown of Travel Site Visitors, by Region, in %, February 2011

– Online Travel Category Reach among Unique Visitors, by selected Countries, in %, February 2011

– Unique Travel Subcategory Visitors, by Subcategory, in millions, February 2011

– Composition of Travel Website Visitors and total Internet Users, by Age, in %, February 2011

– Composition of Travel Website Visitors, by Region and by Age, in %, February 2011

– Top Markets by Reach of Online Airlines Category, in %, February 2011

– Top Markets by Growth in Reach of Online Airlines Category, in %, February 2010 February 2011

3. America 3.1 North America: Regional- Composition of Visitors to Low-Cost Airlines Websites by Age Segment, in %, February 20113.2 USA (Top Country)- Social Media Trends in Online Travel, 2012 – Online Travel Sales, in USD billion, 2011 2012f- Breakdown of the Travel Market (incl. Online), in %, 2013f- Online Travel Researchers and Online Travel Bookers, in millions and in % of Internet Users, 2009-2012f- Travel Segments booked Online, in %, 2011- Websites used for Comparing and Choosing Leisure Travel Products, in %, April 2011- Travel Products Booking Methods for Air Travel (incl. Online), in %, April 2011- Travel Products Booking Methods for Lodging (incl. Online), in %, April 2011- Mobile Leisure/ Unmanaged Business Travel Gross Bookings, in USD billion, 2011 2013f- Travel Products considered for Booking on Mobile Devices, in %, 2011- Breakdown of Purchase Maximum for Travel Booking on a Mobile Device, in %, 2011- Travel Websites deriving Visitors from Google, in %, 20113.3 Canada- Online Travel Category Reach and Airline Category Reach among Unique Visitors, by selected Countries, in %, February 2011- Online Travel Websites by Popularity, in % of Visits, the Week ending March 3, 20123.4 Argentina- Online Travel Market Trends, 2009-2011- Product Categories (incl. Travel) by B2C E-Commerce Sales in ARS million, in 2009 20103.5 Brazil- Websites used for Comparing and Choosing Leisure Travel Products, in %, April 2011- Travel Products Booking Methods for Air Travel (incl. Online), in %, April 2011- Travel Products Booking Methods for Lodging (incl. Online), in %, April 2011- Frustrations when Booking Travel Products Online, in %, April 20113.6 Colombia- Travel Subcategories by total Unique Visitors in thousands Change in %, June 2010 vs. June 2011- Top 10 Travel Sites by total Unique thousand Visitors and Average Minutes, June 2011

4. Europe

4.1 Europe: Regional

– Breakdown of Online Leisure/ Unmanaged Business Share of Gross Bookings, by Country, in %, 2010 2013f

– Online Travel Agency Bookings, in EUR billion and Growth %, 2010 2011

– Breakdown of the Travel Market into Online Travel and Offline Travel, in %, 2013f

– Percentage of Travelers Booking Online, by Country, in %, 2011

– Composition of Visitors to Low-Cost Airlines Websites by Age Segment, in %, February 2011

– Top 10 Markets by Online Reach of Travel Properties, in % and % Change vs. one Year ago, April 2011

– Top 10 Online Travel Properties by Total Unique Visitors, in thousands and % Change vs. one Year ago, April 2011

4.2 UK (Top Country)

– Online Travel Market Trends, 2011 2012

– Online Shopping Product Category Sales (incl. Travel), in % Change, December 2011-January 2012 January 2011-January 2012

– Online Travel Sales Growth, in % from previous Month, January 2011-January 2012

– Online Activities (incl. Travel), in % of Internet Users, 2011

– Goods and Services bought Online (incl. Travel), in % of Internet Users, 2011

– Main Holiday Travel Booking Methods (incl. Online), in %, 2012f

– Travel Research Methods (incl. Online), in %, 2012f

– Breakdown of Primary Topics raised by Travel-Site Visitors, in %, 2011

– Breakdown of User Experience Issues of Travel Site Visitors, in %, 2011 and Breakdown of Product Issues of Travel Site Visitors, in %, 2011

– Websites used for Comparing and Choosing Leisure Travel Products, in %, April 2011

– Travel Products Booking Methods for Air Travel (incl. Online), in %, April 2011

– Travel Products Booking Methods for Lodging (incl. Online), in %, April 2011

– Travel-related Activities of Mobile Internet Users, in %, 2011

4.3 Germany (Top Country)

– Online Travel Market Trends, 2011 2012

– Travel Sector Revenue, divided into Online and Offline Revenue, in EUR billion, 2006-2011f

– Share of Individuals ever having searched for Travel-related Information Online, in %, January 2001-January 2011

– Share of Individuals ever having booked Travel Online, in %, January 2001-January 2011

– Type of Travel-related Information searched by Online Travel Information Searchers, in %, January 2006 January 2011

– Travel Category booked Online by Online Travel Bookers, in %, January 2006 January 2011

– Share of Internet Users ever having booked overnight Accommodations Online, by Type of Accommodation, in %, 2011

– Websites used for Comparing and Choosing Leisure Travel Products, in %, April 2011

– Top Online Travel Providers, by Revenue, in EUR million, 2010 and in % Growth compared to 2009

– Travel Products Booking Methods for Air Travel (incl. Online), in %, April 2011

– Travel Products Booking Methods for Lodging (incl. Online), in %, April 2011

4.4 France (Top Country)

– Online Travel Trends, 2011

– Online Travel Sales, in EUR billion and Growth in %, 2010 2011

– B2C E-Commerce Sales by Sector (incl. Travel), in EUR billion, 2011

– Goods and Services purchased Online (incl. Travel), in % of Internet Users, 2011

– Travel Goods and Services purchased by Online Travel Shoppers, in %, 2011

– Top 5 Travel B2C E-Commerce Sites in France, by Unique Visitors, Q1 2011

4.5 Austria

– Online Travel Trends, 2010 and Online Travel Sales, in EUR million, 2009-2010

4.6 Belgium

– Trips and Vacations booked Online, by Age Groups, in %, 2011

– Online Booking of Tourist Accommodations, by Age Groups, in %, 2011

– Other Travel-related Expenditures of Internet Users (Plane Tickets, Car Rental etc.), by Age Groups, in %, 2011

– Internet Users using Travel-related Services Online, by Age Groups, in %, 2011

4.7 Croatia

– Purpose of Internet Usage by Individuals (incl. Travel), in %, Q1 2011

– Internet Purchases of Individuals, by Product Categories (incl. Travel), in %, Q1 2009-Q1 2011

4.8 Cyprus

– Internet Purchases of Individuals, by Product Categories (incl. Travel), in %, Q1 2011

– Online Activities of Internet Users (incl. Travel), by Popularity, in %, Q1 2011

4.9 Denmark

– Goods and Services (incl. Travel) Purchased on the Internet, in % of Online Shoppers, 2010

– B2C E-Commerce (incl. Travel) by Product and Region, in % of Internet Shoppers,12 Months to September 2011

– Breakdown of Vacation Booking Methods (incl. Online), in %, 2011

4.10 Estonia

– Goods and Services Purchased Online (incl. Travel), in % of Online Shoppers, 2010 Q1 2011

– Online Activities of Internet Users (incl. Travel), by Popularity, in %, Q1 2011

4.11 Finland

– B2C E-Commerce Sales by Product Category (incl. Travel), in EUR million, 2010

– B2C E-Commerce per Product Category (incl. Travel), in %, Q3 2010

– Most reliable Sources of Information when Planning a Trip (incl. Online), in %, 2011

4.12 Greece

– Goods and Services purchased Online (incl. Travel), in % of Internet Shoppers, April 2009-March 2010

4.13 Iceland

– Goods and Services bought Online (incl. Travel), in % of Internet Users, 2011

– Online Activities (incl. Travel), in % of Internet Users, 2011

4.14 Italy

– Goods and Services bought Online (incl. Travel), in % of Internet Shoppers, 2011

– Online Activities (incl. Travel), in % of Internet Users, 2010 2011

4.15 Latvia

– Online Activities (incl. Travel), in % of Internet Users, 2011

4.16 Lithuania

– Online Activities (incl. Travel), in % of Internet Users, 2011

4.17 Luxembourg

– Share of Online Travel Arrangements, in % of Total Travel Arrangements, 2001-2010

– Type of Travel-related Internet Usage, in %, 2001-2010

4.18 Malta

– Internet Activities (incl. Travel), in % of Internet Users, 2010

– Goods and Services bought Online (incl. Travel), in % of Internet Users, 2010

4.19 Netherlands

– Goods and Services bought Online (incl. Travel), in % of frequent Online Shoppers, 2010

– Breakdown of Travel Website Subcategories, in %, April 2011

– Top 10 Travel Sites by total Unique Visitors, in thousands, April 2011

4.20 Norway

– Goods and Services bought Online (incl. Travel), in %, 12 Months to Q2 2011

– Online Activities of Internet Users (incl. Travel), in %, Q2 2011

4.21 Russia

– Websites used for Comparing and Choosing Leisure Travel Products, in %, April 2011

– Travel Products Booking Methods for Air Travel (incl. Online), in %, April 2011

– Travel Products Booking Methods for Lodging (incl. Online), in %, April 2011

4.22 Slovakia

– Goods and Services bought Online (incl. Travel), in % of Online Shoppers, Q1 2011

4.23 Slovenia

– Online Activities of Internet Users (incl. Travel), in %, 2011

– Goods and Services bought on the Internet (incl. Travel), in % of Internet Shoppers, 2011

4.24 Spain

– Top Online Companies in “Travel Tourism”, in %, 2010

4.25 Sweden

– Online Activities of Internet Users (incl. Travel), by Popularity, in %, Q1 2011

– Goods and Services bought on the Internet (incl. Travel), in % of Internet Shoppers, April 2010-March 2011

4.26 Switzerland

– Growth of B2C E-Commerce Sales, by Category (incl. Travel), in %, 2010

– Online Activities (incl. Travel), in % of Internet Users, 2010

4.27 Turkey

– Internet Activities of Individuals (incl. Travel), in %, January-March 2011

5. Asia5.1 Asia Pacific: Regional- Online Travel Market, in USD billion and Breakdown of the Asia Pacific Travel Market, in %, 2010 – Online Leisure/ Unmanaged Business Travel Market Gross Bookings, in USD billion, 2010 2012f- Online Hotel Booking Revenue Growth, in %, 2010-2012f- Online Audience Reach of Travel Websites, in %, October 2010- Travel Category Share of total Monthly Unique Internet Visitors, by Country, in %, Q1 2011- Composition of Unique Visitors in the Travel Category, by Country Age Group, in %, Q1 2011- Unique Low Cost Airline Websites Visitors, in thousands and Change in %, February 2010 vs. February 2011- Composition of Visitors to Low-Cost Airlines by Age Segment, in %, February 20115.2 Japan (Top Country)- Online Travel Market Trends, 2011- Audience Reach of Travel Websites, in %, October 2010 and Travel Category Share of total Monthly Unique Internet Visitors, in %, Q1 2011- Breakdown of Unique Visitors in the Online Travel Category by Age Group, in %, Q1 20115.3 China- Online Travel Trends, 2011- Online Travel Booking Transaction Size, in RMB billion and Growth in %, 2009-2015f- Online Travel Agency Revenue, in RMB billion and Growth in %, Q1 2010-Q3 2011- Breakdown of Online Travel Agency Market Share, in %, Q3 20115.4 India- Online Travel Market Trends, 2011 2012- Online Travel Market, in USD billion, 2011 2012f- Online Travel Industry, in INR billion and Growth in %, 2007-2011f- Breakdown of B2C E-Commerce Sales into Travel, Products and Other Sales, in %, December 2011f- Most popular Online Travel Products, in %, Q2 2011- Travel Products Booking Methods for Air Travel (incl. Online), in %, April 2011- Travel Products Booking Methods for Lodging (incl. Online), in %, April 2011- Leading Online Travel Web Sites, by Unique Visitors, in thousands, April 2010 April 2011- Websites used for Comparing and Choosing Leisure Travel Products, in %, April 20115.5 South Korea- E-Commerce by Products and Services (incl. Travel), in KRW billion and in %, 2009 2010- E-Commerce by Products (incl. Travel), in KRW billion and in %, Q2 2010, Q1 2011 Q2 2011

6. Australia

– Online Shopping Product Categories by Popularity (incl. Travel), in %, June 2011

– Increase in Traffic to Travel Websites compared to Increase in all Internet Traffic, in %, 2010

7. Middle East7.1 Middle East: Regional- Online Travel Market Trends, 2011- Online Travel Ticket Sales, in % of total Travel Ticket Sales, 2011 2015f

8. Africa

8.1 South Africa

– Online Travel Market Trends, 2011

9. Online Travel Market News- Online Travel Market News about Expedia, including worldwide Revenue, in USD billion, 2011- Online Travel Market News about Priceline, including worldwide Revenue, in USD billion, 2011- Online Travel Market News about Orbitz, including worldwide Revenue, in USD million, 2011- Online Travel Market News about Emirates- Online Travel Market News about TUI Travel- Online Travel Market News about Thomas Cook, including Revenues by Region, in GBP billion and million, 2011- Online Travel Market News about Google- Online Travel Market News about BookinTurkey- Online Travel Market News about Ctrip, including worldwide Net Revenue, in RMB billion, 2011- Online Travel Market News about Kayak- Online Travel Market News about MakeMyTrip, including Net Revenue, in USD million, 2011- Online Travel Market News about Odigeo- Online Travel Market News about Travelocity- Online Travel Market News about Webjet, including worldwide Revenue, in AUD million, Fiscal Year 2011- Online Travel Market News about Yatra, including Gross Turnover, in USD million, 2011

To order this report: Travel Services Industry: Global Online Travel Report 2012

More Market Research Report

Check our Industry Analysis and Insights

Nicolas Bombourg
Reportlinker
Email: [email protected]
US: (805)652-2626
Intl: +1 805-652-2626


Greece’s Fringe Parties Surge Amid Bailout Ire

ATHENS—Weeks after agreeing to an agonizing bailout deal with Europe, Greece is splintering politically ahead of national elections, raising the risk that it won’t be able to make the economic sacrifices still needed to keep it in the euro.

The election, not yet scheduled but expected in April or May, is shaping up as a public revolt against Greece’s political establishment, which has backed the austerity policies that are the price of financial life support from Europe and the International Monetary Fund. Mainstream politicians are increasingly painted as leading Greece into a debt trap, then impoverishing it in trying to …


Greece’s negative publicity deters one in three Britons

One in three UK adults are less likely to visit Greece because of the current crisis, research suggests, despite a majority saying current events make no difference.

The survey, carried out last weekend, came after Abta and the Association of Independent Tour Operators (Aito) wrote to the Greek government warning that UK operators might cut capacity unless they received help to promote the country.

The Greek National Tourism Organi-sation (GNTO) said it was still waiting to hear if government funds were available.

The Travel Weekly survey of more than 500 adults by Explore Research found 32% “less likely” to visit Greece.

However, 36% said current events made “no difference” and another 16% expressed more willingness to visit or were already going to Greece.

One in four respondents described Greece as “a great holiday destination”, rising to 54% among those who had visited in the past four years.

The Abta-Aito letter, addressed to prime minister Lucas Papademos, asked the government to circumvent the “normal monumental bureaucracy” and “match euro for euro” the amount tour operators are prepared to invest in promoting Greece.

Signed by Abta chief executive Mark Tanzer and Aito chairman Derek Moore, it complained of “the constant negative publicity focused on Greece” and argued: “Action must be taken immediately to unlock funds for the promotion of Greece in the UK… not in three months.”

Aito chairman Derek Moore said: “This is a wake-up call to the Greek government.”

Sunvil managing director Noel Josephides added: “We are putting pressure on Greece [saying] ‘If you don’t help to repair the image, you will lose business’.”

Monarch Travel Group has submitted proposals to the GNTO for two “substantial” campaigns after hearing more than £20 million could be available.