The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Business travel poll 2002: A most challenging year

The after-effects of September 11 made for a tough time for airlines and hotels. Businesses banned non-essential air travel, leading to record losses among the biggest airlines which were in any case being squeezed by low-cost rivals.

       
Shangri-La Island Hotel:
voted best business hotel
in Hong Kong for the second
year running


View full results 


Airlines and hotels will tell you that last year was very challenging. It was in fact for many airlines arguably the most challenging year ever.


Revenues fell dramatically as the economic downturn and the events of September 11 led to a dramatic fall in business travel and overall passenger numbers. In the first few months after the terrorist attacks, many businesses, including Lehman Brothers, advised against all non-essential air travel.


This dramatic cutback helped contribute to record losses at the world's major airlines. In the US alone, the eight major airlines reported 2001 losses totalling $9 billion and first-quarter 2002 losses of $2.4 billion. Even British Airways, once the most profitable airline in the world and a big winner in this year's Euromoney travel poll, suffered its worst financial results since privatization 15 years ago.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree