"With real incomes falling, house prices declining and unemployment rising it can't be long before households start to forego spending for saving to a more significant degree."
And that's just the UK. What this means for our tourism industry is that we need to change focus. Firstly, your marketing dollar needs to work harder. If you still use brochures, no more lying around your office! Of course, your primary focus is on the Web, so get pouring over your site traffic analytics and find your strengths and weaknesses.
We need to focus even more on the niches, for they are the most resilient - the diving for example, being a world class product, will attract the people to whom the present economic climate is merely a hiccup.
And look to the region: even travel within the Caribbean is tested by many factors, but it is our closest market.