research reportTourism economy

Accelerating the innovation of tourism industry after the new coronavirus From Euromonitor International

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The following is the Accelerating the innovation of tourism industry after the new coronavirus From Euromonitor International recommended by recordtrend.com. And this article belongs to the classification: Tourism economy, research report.

Euromonitor International released a new report, “accelerating tourism innovation after the new coronavirus.”. Coronavirus makes tourism experience survival crisis in 2020. To adapt to the transition of covid-19 to the new normal, the tourism industry will abide by the health agreement and social evacuation measures, and provide a customer-centered start-up method.

Travel demand hit record lows in April and may 2020, when most areas were blocked and consumers were told to stay at home.

Due to the rapid development of covid-19 disease, tourism industry is facing a lot of uncertainty, which makes the prediction challenging. However, Euromonitor has developed four best to worst scenarios: the baseline is a 50% drop in global visitor numbers in 2020, and the worst scenario is a 60% drop.

Recovery depends on the duration of social alienation measures and the impact of the pandemic on the economy, especially on unemployment.

Tourism is expected to take at least 3-5 years to recover, while hotels, airlines and intermediaries will lag behind.

Every part of the tourism supply chain is under threat, but some departments may rebound faster. In particular, it only takes three years for mobile channel tourism sales to return to the pre epidemic level, and the compound annual growth rate is expected to be 24% from 2020 to 2025. Assuming that the virus ends in one year and demand rebounds in 2021, airlines are expected to take at least four years to recover, while accommodation and intermediary structures will take longer.

There is a strong anti correlation between consumers’ willingness to travel abroad and their willingness to take a holiday in the suburbs. The latter is the first choice for travel after the epidemic, especially in the short to medium term, 76% of consumers choose this kind of travel. From July to October 2020, more than 1 / 5 (21%) of global consumers are willing to leave international travel forever. These people will not travel internationally even after the end of the epidemic, which is also in line with the desire to reduce carbon emissions.

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