The following is the 70% drop in Spain’s tourism bookings in 2020 From Phocuswright recommended by recordtrend.com. And this article belongs to the classification: PhoCusWright, Tourism economy.
According to the latest research by phocuswright, Spain’s tourism industry will serve 84 million international tourists in 2019, at least as many as expected in 2020. On the contrary, the industry experienced unprecedented downtime during the period of mobility restrictions. The only scheduled flights are repatriation and freight. The only hotels that are open are those that accommodate medical staff from other regions, and those that serve as temporary hospitals in cities such as Madrid, Barcelona and Valencia.
In order to maintain the economy, the central government of Spain provided low interest loans to enterprises, extended the payback period, and promulgated the temporary employment record regulations (Erte) vacation plan. According to Erte, tourism companies can lay off workers and they will continue to receive up to 70% of the government’s wages.
Eight out of 10 travel companies are concentrated in beach resorts and urban tourism destinations. They benefited from Erte and survived bankruptcy. With the development of novel coronavirus pneumonia, the government extended aid measures.
At the beginning of the peak tourism season in the Iberian Peninsula in summer, the number of tourism bookings surged, indicating the rapid recovery of the economy. However, outbreaks in parts of Europe and Spain have prompted travel agencies in Germany and the UK to cancel this quarter. Due to the two-week quarantine of inbound tourists, some countries have also implemented the entry ban, and summer tourism is almost entirely domestic tourists.
Virus vigilant travelers basically avoid popular destinations, air travel and large hotels, but choose other accommodation options such as small destinations, private accommodation and campsites.
Spain’s GDP is expected to fall by 12.4% in 2020 compared with the previous year, and the unemployment rate is close to 17%. In 2021, GDP is expected to grow by 5.4% despite the slight deterioration of the unemployment rate to 18%. Spain’s economy will decline seriously in 2020, mainly due to its heavy dependence on tourism. It is estimated that in 2020, Spain’s total tourism bookings will drop by 70% to 8.9 billion euros, while online bookings will drop by 66% to 4.5 billion euros.
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