According to a recent article in Buffalo’s “Business First” newspaper, hotel occupancy for Niagara Falls resorts is down almost fourteen percent this year, leaving a vacancy rate of nearly forty-five percent. Nationally its even worse. The overall hotel vacancy rate in the United States currently stands at forty-seven percent. Overseas, for those looking to book a European vacation or tour, hotel vacancy rates are also high, particularly with many Americans staying close to home and taking their vacations in the United States. 

For those in the hotel industry these are grim statistics but for tourists and travelers they mean lower room rates and more affordable travel. Going on a European vacation has never been easier than it is right now. The countries across the pond are screaming for American dollars, always a mainstay of their individual tourist industries. With a large percentage of those dollars not available right now they’re willing to offer discounts and travel packages previously unheard of when touring Europe.

The savings don’t stop with hotels. Airlines, after battling through high fuel costs in late 2008, are now dealing with low booking numbers and less people traveling overseas. Getting a European flight from New York or Los Angeles was once an arduous and expensive process. The airlines are now practically giving those seats away just to keep their planes in the air. Travel agencies are buying up blocks of seats at record low prices to offer in their European tour packages.

The interesting side of economics and finance is that when businesses struggle often the consumer can gain. When the stock market crashed in the Fall of 2008, gas prices plummeted. This was bad for the oil companies and petroleum stock holders, but the average consumer was happy for the relief at the gas pump. Low hotel occupancy rates and empty airplanes mean cheaper vacations for American tourists. If you’ve always wanted to take a European vacation and see the sites of Rome, Paris, Venice, London, Berlin and Geneva, now is the time to do it. 

The same applies for Asian, Australian, Middle East, African and Hawaii tours and vacations. Hotel rates and airfares around the world are lower right now so its a great time to travel. Ask about package tours and group rates for family and friends. Also, don’t forget the good old USA. There’s plenty of empty hotel rooms at Niagara Falls, the Grand Canyon, and Yellowstone for those of you who want to stay local.