April 16 2009 by Bryson Forbes
IValue can be defined as a function of price and quality. In Canada, I am suggesting that we have a rare situation, caused by the economic downturn, where both factors are working positively together to produce an enhanced value equation.
My crystal ball indicates that this will last until September 9, 2009. Although this date seems random, it is six months from the date that it appears the Toronto Stock Exchange hit bottom. Experts seem to agree that markets are six months ahead, telling me the world will be right again around September 9th.
So the clock is ticking for you to get a great deal, exceptional service and in turn, the best value for your trip. But there's an interesting phenomenon happening out there, where people who have money to spend are trying to hide it. Coined "stealth wealth", it is affecting the travel industry too, as a growing faction of would be travellers are feeling guilty about the notion of vacationing during this economic downturn.
I have heard this firsthand from both individual leisure travellers as well as corporate decision makers. My relatively small sample has uncovered two main reasons why they feel uneasy about travelling.
For starters, both groups are trying to be sensitive and manage perception; making sure that people they interact with think they are hurting, too. In reality, they are kicking them while they are down, furthering the belief that there is no hope.
Next, people are fearful that spending money now is risky and foolish. Bottom line is if you are able to do it, this is a not only a great time to access deals, but you will be actually helping the progress and speed of the rebound. As we have heard repeatedly, consumer confidence is the key to emerging from this downturn and sitting at home feeling guilty about travelling definitely hurts confidence. I think those who elect to sit home and wait this out are the ones who should feel guilty.
Are you in the "stealth wealth" faction, afraid to travel because you feel guilty? Share with me how you overcame it and booked that much deserved trip!