Economic woes reduce vacations

NEW YORK, Oct. 10 (UPI) -- The number of people who take vacations is decreasing as economic woes increase worldwide, experts say.

With stock market declines and other economic problems around the world, fewer people are planning vacations so they can save money, travel industry researcher Bjorn Hanson told USA Today in a report Friday.

Hanson, a New York University hospitality school associate professor, said monetary concerns are on the minds of Americans as well as foreigners considering a vacation to the United States.

"International travelers are saying, 'Is now really a time we want to go to America? America's probably not in the greatest mood right now. Why not wait until things settle down?" Hanson said.

Motel 6 Chief Executive Officer Olivier Poirot concurred, saying his motel chain has seen a decline in room demands since January when gas prices began to increase dramatically and the housing market continued to struggle.

"There's no question that people are very concerned about their job security and financial income, and they'd be reluctant to travel if they can avoid it," Poirot said.