The travel industry is taking a catastrophic hit. According to a recent analysis by the US Travel Association, COVID-19 has already resulted in a loss of 8 million travel-related American jobs. Additionally, total spending loss on travel in the United States, which includes transportation, lodging, retail, attractions, and restaurants, is expected to top a half a trillion dollars by year end. This projected $502 billion is a 45 percent decrease from last year, and is nine times greater than the impact of 9/11.
How long it will take to recover is anyone’s guess. When will people feel safe again?
“There are a lot of factors in the psychology of travel,” said Karen Yates, community director for the International Association of Tour Directors and Guides. “For some travelers the fear will linger for a long time to come and they will be much more reluctant to travel in hard-hit areas or those with marginal health care. At the other end, those intrepid travelers, often international travelers, will be ready to pack their bags as soon as they are able.”Read Full Article