The global financial crisis has had an adverse affect on everyone - whether private or in business.
Even those wanting to get away from it all have to think twice before taking that holiday of their dreams.
Of course this works both ways as places offering accommodation have also been hit very hard during the time of recession.
It's a vicious circle with tourists looking for better deals, simply because they don't have as much money to spend.
This in turn, has a bad impact on the hotel industry.
Many of them, in order to keep going, have had to resort to laying-off many of their staff.
So, instead of that much-needed bonus at Christmas time, many were presented with letters of termination of employment.
One hotel in the Bahamas is known to have retrenched as many as 800 workers, and another hotel chain was forced to reduce its staff in the Caribbean, more than 1000 in total.
In fact, it has been predicted that there would be a four to five percent decline in long-staying visitors in 2009, with very little, or no growth at all in 2010.
This situation could affect as many as 14,000 jobs.
It is not only the hotel industry and its worker who have been adversely affected though.
It has even affected those who travel abroad with the purpose of furthering their education.
International university students are finding it extremely difficult to find affordable accommodation, and many of them are opting for inadequate housing.
This is due to the fact that the students, because of the recession, have a lot less money at their disposal and look for cheaper accommodation.
Even before the financial crisis, finding suitable accommodation was an issue for international students.
More often than not, they find themselves sharing a room in a house that is over-crowded and extremely noisy.
The global financial crisis has had a detrimental affect on on-campus accommodation for students because the lack of credit meant the lack of financial sponsors for campus developments.
Also, due to the global financial crisis, those people who are fortunate enough to have family or friends abroad, are rather opting to stay with these people instead of spending what they normally would in a hotel or other place of accommodation.
Some people also go for house-swapping as well, where someone from a specific country stays in their home for the length of their holiday, and vice versa.
Where holidaymakers try to save money as well is to go caravanning or camping instead of renting a more expensive hotel room.
Of course this means that hotels, guest houses, rental apartments, and other places of accommodation, although having to lower their rates, sometimes dramatically, still lose out, as people are more careful as to how they are spending their money during the recession.
Even those wanting to get away from it all have to think twice before taking that holiday of their dreams.
Of course this works both ways as places offering accommodation have also been hit very hard during the time of recession.
It's a vicious circle with tourists looking for better deals, simply because they don't have as much money to spend.
This in turn, has a bad impact on the hotel industry.
Many of them, in order to keep going, have had to resort to laying-off many of their staff.
So, instead of that much-needed bonus at Christmas time, many were presented with letters of termination of employment.
One hotel in the Bahamas is known to have retrenched as many as 800 workers, and another hotel chain was forced to reduce its staff in the Caribbean, more than 1000 in total.
In fact, it has been predicted that there would be a four to five percent decline in long-staying visitors in 2009, with very little, or no growth at all in 2010.
This situation could affect as many as 14,000 jobs.
It is not only the hotel industry and its worker who have been adversely affected though.
It has even affected those who travel abroad with the purpose of furthering their education.
International university students are finding it extremely difficult to find affordable accommodation, and many of them are opting for inadequate housing.
This is due to the fact that the students, because of the recession, have a lot less money at their disposal and look for cheaper accommodation.
Even before the financial crisis, finding suitable accommodation was an issue for international students.
More often than not, they find themselves sharing a room in a house that is over-crowded and extremely noisy.
The global financial crisis has had a detrimental affect on on-campus accommodation for students because the lack of credit meant the lack of financial sponsors for campus developments.
Also, due to the global financial crisis, those people who are fortunate enough to have family or friends abroad, are rather opting to stay with these people instead of spending what they normally would in a hotel or other place of accommodation.
Some people also go for house-swapping as well, where someone from a specific country stays in their home for the length of their holiday, and vice versa.
Where holidaymakers try to save money as well is to go caravanning or camping instead of renting a more expensive hotel room.
Of course this means that hotels, guest houses, rental apartments, and other places of accommodation, although having to lower their rates, sometimes dramatically, still lose out, as people are more careful as to how they are spending their money during the recession.
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