There was an interesting article this morning in the Bangkok Post citing the slowdown in Phuket tourism industry. "The hotel occupancy rate in May and June, the trough of the low season, was only 10-15% compared with 50% in the same period last year. The low rate was attributed mainly to high oil prices and the resulting surge in airfares."
The US Dollar's pervasive weakness, and Wall Street's downturn altogether, have misunderstood and broadening effects on consumer discretionary spending, globally.
It is global this time, indeed.
(chart courtesy of stockcharts.com)