Impact of COVID-19 on global travel intermediaries - Issue 2 (Hot Topic Brief)
COVID-19, commonly referred to as the Coronavirus, is dominating headlines the world over. The travel & tourism sector is suffering significant disruption and intermediaries are very much affected.
- Travel intermediaries act as the backbone behind international travel for many a destination promoting and connecting to travelers worldwide bringing in a vital contribution to the local economy. As this sector works in lieu with all other forms of operators such as airlines, hotels, car rental providers and travel insurance companies - if one area faces an unprecedented challenge - this in turn spurs a roundhouse effect on travel intermediaries.
- As the worlds largest outbound market, the total market value of Asian travel intermediaries was the highest in 2019 at US$375bn and was thus at the greatest risk. Since the recorded cases in China have begun to stabilize, this now offers that respective light at the end of the tunnel for many an operator, destination and government.
- Trip.com Group, one of the largest operating agents in China, declared a 50% drop in first quarter revenue as demand plummeted highlighting the severity of the situation. As lockdown has now been lifted across China, Ctrip, the sister brand, has begun to notice signs of recovery as company operations resume.
- This report provides insight into the current state of play, offers a look at potential future scenarios and assesses the actions that intermediaries can take to mitigate the impact of COVID-19.
Reasons to Buy
- Gain an overview of the current global COVID-19 situation
- Understand the impact that COVID-19 is having on the industry
- Explore future industry scenarios
- Assess possible mitigating actions
- Compare key industry players actions
Current COVID-19 Situation
Actions to mitigate the impact of COVID-19
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