The travel agencies have reported declining numbers and a drastic increase in the cancelation number amid COVID-19 outbreak. The market for online booking is also falling down. According to industry chamber CII, this is one of the worst crises ever to hit the Indian tourism industry. Airlines and cruise ships are currently being more impacted than hotels. Apart from business loss for the Rs 5-trillion industry Federation of Associations in Indian Tourism & Hospitality (FAITH) said the crisis may leave 38 million people (or 70% of all employed directly and indirectly) jobless. But that’s just beginning, it could be the worst crisis for the travel industry. Take a look at coronavirus impact on the travel and tourism industry.
CEO Marriott International, Arne Sorenson declared Thursday that the COVID-19 coronavirus has impacted company revenues more severely than World War II, 9/11 attack, or any other historic crisis.
- The World Travel and Tourism Council has warned the COVID-19 pandemic could cut 50 million jobs worldwide in the travel and tourism industry.
- Asia is expected to be the worst affected.
- Once the outbreak is over, it could take up to 10 months for the industry to recover.
- The tourism industry currently accounts for 10% of global GDP.
“The numbers of trip cancellations—not just to China but to the entire continent of Asia—is growing every day,” says Jack Ezon, founder and managing partner of luxury travel agency Embark Beyond.
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