Low-cost anything seems to be the name of the game in today's travel market -

According to Euromonitor International's new 2008 travel and tourism research, the economic downturn and decreasing purchasing power are driving consumers to cheaper alternatives in their travels as opposed to cutting back entirely on holidays and getaways.

Despite the pressures, the global market for travel and tourism recorded US$ 240 billion in sales in 2007 with over 1 billion international visitors travelling outside their country of origin.

Low-cost or "no cost" travel services are on the rise and the concept has extended to hotels and other travel accommodations. Thanks to social networking, house swapping and couch surfing are boosting the "no cost" sector.

Meanwhile, vacation rentals are experiencing growth as they offer greater flexibility and sophistication than before – largely in part to Internet exchanges and a larger array of locations available.

"Consumers are still increasingly pressed for time, and their desire to escape their hectic lifestyles is what continues to drive demand in the global travel market, "says Caroline Bremner, Euromonitor International's Global Travel and Tourism Research Manager. "At the same time they seek destinations and travel options that are both exotic and inexpensive," she adds.

The expansion of low-cost carriers and the addition of more routes have also made more destinations accessible for "thrill-seeking" travellers. According to Euromonitor's new research, some of the fastest growing destinations included Turkmenistan, Romania and Rwanda.

"The continued growth of the industry will rely on travel operators' accommodation of evolving consumer tastes and their desire for adventure along with greater flexibility in pricing and variety in travel offerings," adds Bremner.

For further information, please contact: Melanie Perez, Public Relations Executive, Euromonitor International Tel: 312.922.1115 ext 8332 melanie.perez@euromonitorintl.com