Travel Industry Sees a Historic Financial Loss Due to Covid-19 #infographic

Travel Industry Sees a Historic Financial Loss Due to Covid-19 #infographic

In the American travel and leisure market, the most detrimental consequences of the COVID-19 outbreak are to be seen. According to a new US survey, the Travel Association and Oxford Economics are forecasting a $519 billion decrease in direct travel spending, translating into a $1.2 trillion decline in economic growth.

Analysts say the financial situation for the travel industry is 9 times worse than the aftermath of 9/11.

Travel industry revenue is predicted to decrease by 81 percent over the coming months, although the annual decrease is estimated to be around 45 percent.With flights being grounded all over the world, employment in the travel industry is also declining and predicted to lead to 8 million job losses by the end of April.

The study also highlighted various industries in the travel industry and their share of financial loss due to the global pandemic of health.

For example, food services will see the biggest loss of $128 billion. Lodging will also be affected and we foresee a loss of $112 billion. Additionally, the grounded airline fleets would mark a loss of $97 billion in direct spending.

The researchers predict some airline industry losses as travel restrictions loosen. The financial losses are, however, expected to continue until 2020.
Travel Industry Sees a Historic Financial Loss Due to Covid-19 #infographic

infographic by: www.statista.com

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