Amid the gloomy news, five bright spots for travelers

— -- The outlook for beleaguered airlines and hotels seems to grow bleaker by the day, with a sagging global economy now threatening to undermine purchasing power and further increase resistance from consumers already unwilling or unable to pay prices sufficient to cover traveler suppliers' costs.

For the 10 largest U.S. airlines, September traffic fell 5.7% over last year. And that was before the global economic crisis had gained full momentum. Even perennial profit-maker Southwest has been affected, suffering two downgrades of its debt rating by Standard and Poor's in the past 14 months and reporting its first quarterly loss in 17 years.

"The industry crisis is deepening, and no one is immune. Urgent measures are needed," warned Giovanni Bisignani, CEO of the International Air Transport Association (IATA), an industry trade group. IATA is projecting a $5.2 billion loss for the year.

But the bad news roiling the industry is actually good news for those with the temperamental and financial fortitude to continue traveling amid the turbulence. Following are some of the bright spots.

1. Less is more

It's a fact of travel life: Full flights are uncomfortable flights. In recent months, with planes routinely filled to 80-plus% of capacity, flyers have enjoyed neither legroom nor elbow room. Overhead bins have been full to overflowing. The lines to the lavatories have stretched halfway down the aisles.

With demand falling faster than the airlines can pull seats out of circulation, load factors (the percentage of seats occupied) should ease somewhat, alleviating coach cabin congestion.

We've already seen a falloff in traffic on some routes. Through the first half of this year, for example, the Delta and US Airways shuttle flights between New York, Washington, and Boston flew only 36 to 54% full. Hint: An empty row of seats in coach is almost as comfortable as a budget-buster seat in first class.

2. Let the promotions begin

The airlines' capacity cuts, designed to restore their ability to raise ticket prices, were planned when jet fuel prices were high and consumer demand was fairly robust. Today, fuel prices, which peaked at $147.27 a barrel on July 11, have fallen almost by half. That's a positive for the airlines' bottom lines. But it's likely to be more than offset by plummeting demand, as consumers cut back on non-essential spending, including travel. Result: Ticket sales will underperform the airlines' projections, forcing them to deploy frequent flyer incentives to maintain sales volume.