HONOLULU -- Hawaii 's visitor industry survived 9/11, SARS and the Iraq War. But it's bracing for another rough ride.

While it was a picture perfect Hawaii day outside, inside a Waikiki hotel there was a major gathering of industry leaders and it was the first since visitor arrivals and spending plummeted this summer.

"A lot of different markets are being impacted negatively. It is a global issue," said Noelani Shilling-Wheeler with the Oahu Visitor's Bureau.

The dilemma is how to "sell" Hawaii after months of airlines folding and fuel costs soaring and now a credit crunch.

"I certainly don't want to sugar coat the situation. The stock market plummeted 500 points today. We are absolutely in volatile times. There is no magic answer to these global problems. I have not seen an economic crisis like this in my lifetime and I am not the youngest person in this room, "said John Monahan, with HCVB.

No one knows exactly how long this downturn will last but the governor expects the visitor industry to have an especially tough time through the first part of next year.

In the short term, there are more predicted layoffs. But there is a bigger challenge she said.

"To keep the remaining workforce feeling good about themselves and about Hawaii and to communicate that to visitors -- that's going to be a tough sell," Gov. Linda Lingle said.

The HVCB business strategy is to meet the challenge and emphasis the islands as a vacation destination with value.

While hotel prices may be starting to drop a Utah couple who left Wednesday said they missed out on the deals.

"It was a little more than we thought it would be, more nickels and dimes but more out of pocket cash than we thought it was going to be," visitor Jake Hansen said.

But they said it was for them a dream vacation and a chance to escape.