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.
