Tourism is a highly sensitive reflector of the general state of the economy, falling rapidly in response to a downturn but then bouncing back to growth more quickly than most. This time, however, insiders are wondering whether the industry will return to its traditional growth path in the wake of the global economic downturn. Travelers have changed and the industry will have to change with them. Based on extensive discussions with industry experts, this article explores the evolution of travelers’ preferences and the current state of the industry, and looks at what the future holds for the business of tourism.