The panel discussed some of the preliminary findings of the 1979 travel survey conducted by the Port Authority of New York and New Jersey. The discussion included the following comments: New York's share of the transatlantic market declined from 75 percent in the middle of the 1960s to 60 percent in 1972. Since 1972, this pecentage has been reasonably stable despite the opening up of new gateways and New York's declining share of the gross national product. Panelists expressed the view that New York's share has been relatively steady since 1971 because of the introduction of the wide-bodied jets, their favorable economics, and the relatively lower fares realized due to the widebodied economics and large traffic volumes to and from New York. This may have constrained the further opening of new secondary gateways. In 1978 and 1979, New York benefited from rapid growth in the number of European visitors to the United States. There was a 50 percent increase in the last two years, as contrasted to a very small increase in U.S. citizen travel to Europe. Of the entire U.S. transatlantic market, foreign travel to the United States is now about equal to U.S. citizen travel abroad. Most of the panelists felt that this surge in travel to the United States can be explained largely by the declining value of the U.S. dollar compared to most European currencies. The United States has become a travel bargain. Conversely, travel in Europe for Americans has become very expensive. Since 1977, the value of the dollar has been devalued about 15 percent while the European Price Index (see charts) has continued to increase sharply. The cost of traveling in Europe in current prices has virtually tripled since 1970.

Media Info

Subject/Index Terms

Filing Info

  • Accession Number: 00330233
  • Record Type: Publication
  • Files: TRIS, TRB
  • Created Date: Apr 15 1981 12:00AM