Many people like buying things at cheaper prices than they actually are. It is the reason why most people like discounts and reduced prices.
Our global hotel industry presently is not in a situation to afford or offer discounts. Without complete decline in hotel prices, it is not feasible for them to withstand the plunged demands and plummeted business. The reason is obviously the economic downturn.
According to a recent report from hotels.com, the average price of a hotel room has declined by 12 percent all over the world. The situation is same with hotels in all the continents but with a little variance.
The hotel room prices in North America for Q4 of 2008, fell by 12 percent. Europe was a little better than North America. The hotel prices in Europe fell by 10 percent. The Caribbean and Latin America saw a 7 percent decline in their hotel prices.
Asia fared a little better than all these continents with a 2 percent decline in its hotel prices.
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