"Conscientious consumption" should be the watchword for travel companies looking to prosper in the months and years ahead, according to the World Travel Market's Global Report 2008.

The study was published as thousands of people gathered for the World Travel Market, a four-day travel industry gathering in east London being attended by over 100 tourism ministers from around the world.

The trends emerging across all regions were "the desire for social and environmental responsibility, social interaction, authentic travel experiences and fair trade practices," the report found.

"During the downturn, travel and tourism companies that adapt and integrate such business practices into their product and service offer will be best placed for survival," it said.

"They will gain a valuable point of differentiation in the face of declining consumer purchasing power."

Despite a broadly optimistic outlook for 2009, the report added that some destinations such as Caribbean countries would have to start trying to attract visitors from beyond their traditional markets like the US.

Places like Brazil, China, India and Russia "offer potential with their rising disposable incomes," it added.

But the WTM's 2008 overview of global trends in the tourism and travel industry admitted that the financial crisis has "dramatically altered" the outlook for tourism.

Airlines hardest hit

"Uncertainty hangs over the industry," it said.

The airline sector is being hardest hit by the crisis due to soaring fuel prices and falling demand, said the report.

In response, some major carriers were lowering fuel surcharges, hoping to stimulate demand as advance bookings dry up, while carriers such as British Airways and Iberia are due to merge to help weather the storm, it said.

"Opportunities, however, still exist for the bullish, particularly with a low-cost twist," said the report, citing Ryanair taking advantage of carriers going bust and buying cheap long-haul aircraft.

In the hotel sector, occupancy rates were falling in advanced economies such as the United States and consumers and business travellers were increasingly trading down in accomodation, the report found.

Scope for new tourism development could be seen notably in emerging economic giants India and China, which "are likely to remain a strategic priority... as growth is predicted to be robust, albeit slowing," it said.

"The Middle East will also remain key, offering continued opportunities for both luxury and budget brands alike."

The pool of expatriates living in the Middle East creates a new target market for short breaks, thanks to the booming Gulf economies attracting economic migrants who often moved permanently to the region, the report said.

The report found that Asia was becoming a growing destination for older Europeans looking for a relaxed, lengthy break at a competitive price, with some staying on to make the move permanent.