According to a Euromonitor International report, global tourism will take at leaste three to five years to recover from COVID-19. However, the report also found that industry players are finding innovative ways to survive the impact of coronavirus.
The report, “Accelerating Travel Innovations after Coronavirus,” is set to be launched at WTM Virtual on Nov. 9, 2020.
Euromonitor says that, provided the pandemic is contained within a year and demand begins to rebound in 2021, it expect airlines to take a minimum of four years to recover, whilst lodging and intermediaries will take even longer
Drawing on its bank of innovation concepts across 100 countries, Euromonitor will reveal how the travel industry is innovating in order to survive the seismic impact of coronavirus that brought global travel and tourism to an abrupt halt in 2020.
According to Euromonitor’s Voice of Industry Survey, travel is lagging behind other sectors when it comes to recovery.
And in the United Kingdom, there are bigger challenges as it feels the pressure from the possibility of a no deal Brexit on top of COVID-19.
Caroline Bremner, head of travel research at Euromonitor International, observed of the UK that: “The economy is forecast to contract by -11% in 2020 in the baseline scenario, with a potential rebound in 2021 of 5%, providing that there is not a prolonged period of social distancing measures.”
Bremner continued: “Unemployment is expected to double to around 8%, which could triple if a worst-case scenario of extended business and consumer restrictions for another year. Inbound tourism receipts are expected to fall by –49% in 2020 in a best-case scenario.”