With consumer spending still relatively weak and some vacations falling through, is it worthwhile to ask for travel insurance quotes?
An update to the Beige Book, a collection of stories and reports from the 12 Federal Reserve districts, indicates that consumer spending is still 'soft' with families opting to buy discount items needed on a daily basis as a way to save money.
And with consumers reining in their spending, it's likely that the travel and tourism industry will continue to suffer declining profits.
The Beige Book already anecdotally reports that vacationers are spending less. For example, hotels in New York City and Broadway theaters have seen less-than-expected levels of activity.
Many consumers are finding their financial situation to be more uncertain than in the past so buying protection for a planned trip or at least requesting a travel insurance quote to weigh the option may be a wise move.
Travel insurance rates are typically based on the cost of the trip and the age of the traveler - but other factors may play a role.
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Posted: June 11, 2009
