COVID-19, commonly referred to as the Coronavirus, is dominating headlines the world over. The travel & tourism sector is suffering significant disruption and intermediaries are very much affected.
- The promise of 'pent-up' demand was circulating the travel space and operators looked to this with optimism. The 'new normal' however is now a term that is more commonly acknowledged in relation to future travel. 30th April saw the World Travel and Tourism Council (WTTC) announce considerable measures enforced by COVID-19 will create a 'new normal' post-pandemic.
- Companies should be preparing for multiple scenarios post COVID-19. There is no definitive answer as to what the future travel space will look like but contingency planscan now be considered vital for future success.
- Financial performance is entirely dependent on the direct spending of consumers and amid global travel restrictions - lack of consumer spending is ultimately digging deeper into company cash reserves.
- The global market value of travel intermediaries reached US$830bn for travel agents, US$140bn for tour operators and US$28.9bn for other intermediaries in 2019 thus highlighting the significance of this sector.
- Evolving consumer behavior is typically a key barrier for most companies and consistent adaptation is important to remain competitive. Post-pandemic, the travel and tourism space will not be the same; the majority of future scenarios relate to the fact businesses will have to carefully re-evaluate the market in order to remain competitive.
- This report provides insight into the current state of play, offers a look at potential future scenarios and assesses the actions that intermediaries can take to mitigate the impact of COVID-19.
Reasons to Buy
- Gain an overview of the current global COVID-19 situation
- Understand the impact that COVID-19 is having on the industry
- Explore future industry scenarios
- Assess possible mitigating actions
- Compare key industry players' actions