The travel industry has experienced a major slump over the past two years. How bad has it gotten? On average, hotels around the globe have had to cut their rates by 17% in 2009 compared to 2008. Add that to low season promotions and other types of discounts and it can seem almost ridiculously cheap to book a room at a respectable three or four star hotel. As long as the drab economic climate persists, fewer people are choosing to travel. At the same time, those who are willing to take the plunge will find deals galore.

Some female travelers have been taking advantage of these rates to take spontaneous solo trips to places in Europe and the US that they would not otherwise visit. Recent surveys have shown that well over half of female travelers consider themselves solo travelers.

But not all destinations have seen such significant price cuts. Cities like Las Vegas, which has been hurt the worst by the economic slowdown, have seen the largest price drops, 17% on average. Some hotels have cut midweek rates by more than 20%. New York is suffering even worse. Rates at some of its hotels have dropped nearly 30%.

Europe is fairing marginally better than the US. During the last 6 months of 2009, the price for a room in Barcelona’s dropped 14% on average. Vienna and Florence, two popular tourist destinations, also saw prices drop by double digit percentage points. The median price drop in London is currently 12%.

Do these drops mean that women will be heading to European hot spots? Not necessarily. Traditional tourist destinations like Paris and Rome have seen prices remain constant, though there will be airfare deals available for these destinations during the coming winter low-season. Also, new “it” destinations like Abu Dhabi and Tel Aviv have actually seen a double digit increase in hotel room rates.