In the wake of coronavirus pandemic, many industries have filled as far and as fast as tourism. The technological advancement that took us closer together by making travel and tourism easier and more affordable- a revolution that powered over one billion trips a year- is not able to halt a virus that demands we shelter in place.
As movement around the world is increasing, it is difficult to imagine what travel will look when it eventually ramps back up. The staggering global scale of the coronavirus pandemic makes it especially divesting, but the travel industry has rebounded from previous crises and experts things it will bounce back again.
Deciding a fixed data is a tough task, as the data changes as quickly as the virus spreads. If the situation continues for more months, the World Travel and Tourism Councils projects a global loss of 75 million jobs and $2.1 trillion in revenue.
The World Travel and Tourism Council have warned the COVID-19 pandemic could cut over 50 million employments globally in the travel and tourism industry. And, Asia is expected to the worst affected region.
How is this going to affect the travel?
The travel industry completely relies on human movement to function. And, with countrywide lockdowns and most major airlines ceasing operations, no one is moving right now.
In the last few days, an industry that employs 10% of the world has come to a near-complete stop. This is worse than a recession. Because, in a recession, people still travel.
Now, no one is moving and we do not know how long this is going to last.
Many hotels travel start-ups and small tour operators will go under too. Small businesses operate with the tiniest of margins and do not have a lot of liquidity. They keep cash on hand to get by without income for just a few weeks.
It is believed that the world opens up around the end of May/early June; people will start booking travel again for later in the summer. Business travel will grow first but most of the tour we will see initially will be local. People will travel around their region before they plan big international trips again.
Travellers who like cruising will find very low prices as cruise lines restart services. It will be challenging in some ways to attract new customers to cruise travel.
Here’s How You Can Help Right Now?
Be mindful of the sectors within the travel industry that rely on patronage for success: Transportation, Accommodation, Food and Beverage, Entertainment, and Connected Industries.
Consider a no-contact drop-off delivery from local restaurants and businesses and don’t forget to tip well.
Buy gift vouchers or gift cards for future hospitality visits when social distancing is not the modus operand.
Don’t lose your curiosity and desire to learn about other nations and cultures, even if you need to explore from your armchair today. Experience the world through virtual tours, live streams, and webcams.
In nutshell, whatever happens, the travel industry is going to be very different and small in the post-Coronavirus world.