With any global medical urgency, individuals are hardwired to be fearful to protect themselves and their loved ones when faced with a threat to their health. The travel industry is one of the biggest sectors that is affected by this new Corona Virus (COVID-19).
Long-Distance Travel Is Easier Than Ever Before
With today’s ability to travel around the world so easily, highly transferable viruses that used to be contained within a small area are now making their way across the oceans. Not only can the COVID-19 Virus spread worldwide, but it can do so with a fierce urgency, as air travel closes the gap for those travelling great distances. Consequently, with such a drastic drop in air travel, the travel industry is reporting as much as a 19% loss overall if the Corona Virus is not contained soon and will continue to impact business and leisure travel. With a $113 Billion deficit looming, the travel industry is bracing for a significant downturn. The situation in the Asian countries are looking at the heaviest decline in travel and tourism, as business and leisure travellers stay away while travel is restricted or completely closed to avoid spreading the COVID-19 Virus further.
Travel Restrictions Eliminate Frequent Travel
With many countries closing their borders to travel, individuals are not able to travel outside of their region, even if they wanted to. In an attempt to impede the Corona Virus from spreading, limiting the ability to move freely from geographic regions has a negative impact on the travel industry. Individuals who work in travel are suffering greatly, as jobs are being phased out with the lack of business. 1 in 10 jobs relies on the travel industry alone, making it one of the widely used employment income streams around the world. Job cuts from the lack of profit in the travel industry will have a ripple effect on the economy as a whole.
Individuals Make Harsh Decisions When Faced With Fear Of The Unknown
Consumers have the ability to make their own educated decisions based on facts from the world around them in regard to the Corona Virus. Fear of the unknown drives people to make decisions causing many people not to travel at all until they feel it is safe to leave their own region without the worry of contracting the COVID-19 Virus. Tourism has taken a significant hit, with companies reporting losses comparable to the aftermath of the 9/11 terrorist attacks and the previous SARS outbreak. With the Corona Virus now active in more than 120 countries around the world, the travel industry is one of the more significant places that feel the downturn.
Business And Leisure Travellers
Individuals who are vulnerable, including the elderly or those with compromised immunity, should limit their travel options and avoid large crowds. A large portion of the travel industry is manufactured for seniors year-round who take cruises or flying to far away warm destinations. Business travellers are seeing an immediate decline in conventions and meetings all around the world to avoid the scare of being exposed to the Corona Virus. Until the COVID-19 Virus has been deemed under control, the travel industry profits will continue to plummet including air travel, which has been quoted as a 50% loss currently, hotel bookings, tourism activities, and hospitality sectors.
While some sources state the decrease in travel will impact the industry for years to come, adding up to hundreds of millions of dollars, as more information is released and individuals realize that the Corona Virus scare is not a threat, as it has been made out to be, travel will begin to rebound successfully.
22 comments
Covid 19 pandemic is really serious and scary. We need to take precautionary measures seriously and keep our selves healthy. Keep safe everyone.
I live in Belgium and people are stocking up like crazy now 😮
Great blog post about traveling during these times!
Everyone is suggested, actually imposed, to just stay indoors and it will be a very good thing to heed this call, not only for ourselves but for everyone in the community.
Keeping our fingers crossed for things calming down and the curve flattening out..
We are just opting not to travel at this time. It’s not just to protect ourselves but to help stop this virus.
Since prices are so low we’ve considered buying plane tickets now for 6 months or more out.
These are scary times to live in. It’s always best to exercise caution.
Very informative post. However, I really hope that people realize the importance of restricting travel for a while.
Hopefully, we would find a way to overcome this virus soon. And everything can return to normal.
Covid19 is really fast spreading all over the world. It is really important to stay healthy. Wear mask and take precautionary methods to avoid getting infected in covid19.
Although it is a weird time it is always important to stay cautious. Your reminders are really important right now though.
Always best to remain cautious! Thanks for sharing your views.
If it’s business trip that really needs to push through then go but if its just vacation, I think it’s best to cancel for now and stay home. The virus kills only 2% but that 2% means 140M people all around the world.
That is some great data. I have been saying for weeks that the ramifications for small businesses or employees in service and travel are going to be vastly effected by this from a financial impact. I hope people remain open and understanding to those that are going to have more struggle.
So much going on right now! Hopefully it all calms down soon!
Corona virus is spreading around the world at a very fast speed..One can imagine what happens to earth if bio war starts..
It’s such a weird time right now, but I’m hopeful things will get back to normal soon. I’m supposed to be traveling next month and I’m hoping by then I’ll be able to.
Thank you for sharing this. This is very good to know. My husband works in travel so this is very important for me to know.
I’m too nervous even to fly just to FL so we cancelled our spring break trip. We are incredibly bummed by this. Although a friend of mine flew to NYC and his flight had 5 people on it! This may be the cleanest time to fly domestically at least. But I’m still too nervous to.
I keep hearing about how cruises are discounted right now. It sounds so nice but I’m just not brave enough to travel anywhere!
It’s a crazy time we are living in! My husband and I were planning to travel heavily in the next two months… Looks like we may be going camping near where we live instead =\ Hopefully this all calms down soon!