<strong>SAM HART </strong> CHARLES STANLEY<br />Winter 2009/10 is expected to be the toughest period in the current downturn, as winter holidays tend to be more discretionary than summer holidays. Bookings for winter appear to have got off to a slow start, but it remains early in the booking cycle and trading has strengthened in the last four weeks. <br /><strong><br />NICHOLAS BATRAM </strong> KBC PEEL HUNT<br />Winter holidays are more of a discretionary item than summer holidays and the company has shown some signs that it will be a tough time for the industry as a whole. However, due to unemployment fears most people are booking later and later and it’s still early days. But I can’t see a short-term recovery for the sector.<br /><br /><strong>IVOR JONES </strong> INVESTEC<br />Booking trends for the summer have improved in recent weeks and now trend ahead of capacity reductions in most markets. The early trends for winter are weaker, but Summer 2010 is encouraging. Overall, bookings are tracking ahead of capacity reductions in most markets and TUI has less stock to sell this summer.