The World Travel and Tourism Council has already warned that this pandemic could finish 50 million jobs globally in the travel and tourism sector. Experts think Asia will be the worst hit. After it gets over, it could take more than 10 months for the industry to return to life. It’s important to know that the tourism industry accounts for 10% of global GDP right now.
- This impact depends on the length of the pandemic, which could change due to some recent restrictions.
- Certain strategies are failing and they can propel the economic impact towards more significance.
- Experts suggest that generic policies aren’t effective in containing the virus. They also think that unplanned restrictions could actually compound medical supply delivery and medical experts’ travel.
- Sector-wise, cruise ships and airlines are currently suffering more than hotels. It’s important to note that nearly 900,000 travel from Europe to the US each month, which is equivalent to $3.5 billion contribution to the country’s economy per month.
- The sector also needs to show more flexibility, helping travelers to postpone their plans and not cancel them, per say.
Brian C Jensen measures the impact
Brian C Jensen outlines a low volume recovery in the travel industry. With leisure suffering the most, mandatory business travel will make a comeback. However, this resurgence will be in specific phases.
- The first phase will be from May to September. The second phase will be the September to December corridor. If everything goes well, this will the phase after vaccine. You can see virus control.
- Short or temporary haul of international travel to safe destinations will definitely be the first to emerge. The smaller ones can emerge in second phase, and by the summer of 2021, Dr Jensen envisages resumption of regular international travel.
- Business strategies for companies for the 2020-2021 corridor will be help their clients in the most dynamic.
- The main aim will to be capitalize on the evolving markets and adopt to the changing scenarios.
- You need to maintain and foster brand awareness if you’re not doing business. This can come through packages and design incentives.
In the wake of an economic crisis if any country, its tourism sector is the first one to take a hit. In case of Covid-19, it applies to all countries.
A summation by Brian C Jensen
The unceasing travel restrictions and slump in travelers’ demand and excitement have dented the travel and tourism industry globally. UN’s world Tourism Organization estimates that major global international destinations and tourist arrivals will decrease by 22-35% in this year. It will lead to a potential loss of more than $50 billion.
There are many world cities that are seeing a reduction of travel by 80-90%. You need to remember that many tourist sites and attractions throughout the globe, such as sports venues, amusement parts, and museums, are all closed. All theatres and complexes are closed as well.
Although many people have raised concerns over the purported effectiveness and success of travel restrictions, there has been no other way to contain the virus’s spread.