The outbreak of the Coronavirus pandemic has severely affected businesses all around the world. The enterprises are coping through a great crisis right now, but the impact on the travel industry caused by COVID-19 is immense. The Travel Industry is one of those industries facing a massive loss as a result of this pandemic and is on the verge of a greater fall. The World Travel and Tourism Council, the trade group representing major global travel companies, has stated that If the pandemic continues for several more months, the travel business will face a global loss of 75 million jobs and $2.1 trillion in revenue. COVID-19, the disease caused by a new density of coronavirus called severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) has had a much more significant effect on tourism and travel behavior than any disease outbreak in living memory. Outside the public health circle, tourism has become one of the leading public faces of COVID-19 in international media.
The coronavirus has changed the way we live and the way we travel. According to analysts, the ongoing crisis is going to change the structure of the travel industry, change the way we think about traveling, and will define a “new normal” for airlines, airports, and passengers. Airlines are facing a massive deficit as a result of nationwide and worldwide lockdown, which has caused an enormous drop in travel demands. The airports that were full of thousands of passengers arriving and departing can now be seen as empty.
Many countries earn and are dependent on the travel industry. The ongoing pandemic has also caused a great loss to the tourism industry and the countries earning from them. All tourist spots and 8 out of 10 hotel rooms are empty. Nearly 50 percent of full-service hotels have closed over the past 2 months. The meetings or events at the hotels have come to a stop.
Some countries whose economy roots and mainly depends upon import and export are greatly affected by this pandemic. The outbreak of COVID-19 is, first and foremost, a global health emergency. This crisis is now also affecting the economy, for example, by disturbing international trade flows. Hundreds of thousands of companies and their employees are dependent on the free flow of goods and services globally. For import and export companies, this crisis is resulting in vastly reduced business, costing countless people their jobs.
Due to the drop in travel demand, not only travel business (airlines, hotels, trains, cruise lines, tourism destinations and other sectors of the travel industry) is at risk but the employee’s jobs and lives are at greater risk which is bringing worries to millions of families around the world. Asia is The World Travel and Tourism Council has warned the COVID-19 pandemic expected to be the worst affected by this pandemic because most of the countries in Asia are developing countries. Once the outbreak is over, it could take up to 10 months for the industry to recover by to its normal position. The tourism industry currently accounts for 10% of global GDP. The coronavirus epidemic is putting up to 50 million jobs in the global travel and tourism sector at risk, with travel likely to slump by a quarter this year, Asia being the most affected continent, the World Travel and Tourism Council has said.
It will be a tough challenge for big companies to make their travel decisions. As we know, travel meetings play a vital role in the economic values of companies, and this pandemic is impacting many companies around the globe, causing them huge losses. In a survey conducted regarding the impacts which the coronavirus outbreak had, 55 percent of respondents in South Korea stated that the COVID-19 epidemic had a significant impact on their business travel plans. And, ten percent of respondents in Japan stated the outbreak of the coronavirus, which had a major impact on their business travel plans in 2020.
Technology is positively affecting business travel. Traditionally, before making trips, business travelers would need to conduct multiple searches for their desired flights and hotels. Manually conduct multiple searches for their desired flights and hotels. To not break the limitations of this pandemic and keep the workflow in process, virtual meetings are being held at companies. In this way, they don’t violate the limitations and will also regain something from their losses.
When people touch a surface or object contaminated with SARS-CoV-2, the virus that causes COVID-19, and then touch their own eyes, noses, or mouths, they may expose themselves to the virus. Proper sanitization systems must be available for everyone in companies and hotels like mobile keycards instead of keys, disinfecting showers before entering and robots delivering room service, these measures whether or not it will play a key role in giving people confidence and assure travel.
During this colossal pandemic traveling agencies and airlines tends to reduce their prices as they are getting the low business, but they may find some unexpected support from travel organizers who rely upon specific routes. But the other routes (secondary routes) they will undergo to suffer from initial recoveries as they must be very hard to run.
Logistics services and courier services must be facing a massive crisis as this pandemic is affecting them severely and their business, but on the other hand, these companies are playing a vital role in helping and serving people all around the globe by performing their services perfectly without any negligence. In this critical global health crisis, Logistics services and worldwide networks play a critical role, also in saving lives, whether it is by sending emergency medical equipment and supplies to healthcare workers delivering necessary goods to private customers or by finding solutions for companies to continue their operations.