There are many who will be benefitting from the sudden drop in the market globally. Taxi rides are more expensive than the Uber X. People who look to save money, their overall ride volume will go down. But the already ailing cab companies will have a tough time competing with their cheaper and more efficient services such as Uber. People who book in AirBnb and are looking at saving money on vacations will gain by not booking in expensive hotels.
The markets in The US claim that they are stronger economically so there are less chances of a meltdown. The US banking system is stronger and consumers are less in debt they feel since the last decade. The hotel and restaurant industries are busy and scrambling for workers as tourists and local families treat themselves, pouring new earnings into the region.
Jobs are booming, with companies adding 48,200 workers through July, a pace unseen since 1998. San Diego gets the bulk of its tourism business from inside the U.S., but a sharp reduction in travel from China could zap a real growth area.
“The crash of rupee against dollar will not have much impact on overseas travel for Indians during the upcoming vacation season. The festive season starts during Navaratri and goes up-to Diwali, wherein most Indians prefer short haul vacations around Southeast Asia or Middle East, thus it is least likely to impact travel. Given the fact that there are still 5-6 weeks before the onset of the festive season, we can hope for the Rupee to recover in the meantime,” feels Manmeet Ahluwalia, Marketing Head, Expedia India
“Our recent Expedia Holiday Activity Report showed that if the dollar got expensive, Indian travelers wouldn’t cancel their bookings completely. Instead they would adopt different measures to keep within their holiday budget like- 63% would cut down on shopping, 38% would look at shifting to a more affordable destination, 32% would avoid places of interest that are ticketed, 32% would downgrade hotel star category while 25% would reduce vacation days.”
However, though there is a speck of optimism reflected by some with the market value dwindling, the global slump will form gaping cracks in the global economy. If a small country like Greece could threaten the European economy then it goes without saying what the fall of the world number two currency could have on the global economic scene.