Travel

WHAT'S NEXT?: How we travel, where we travel and whether we travel at all will mean tremendous change in the decades ahead.

• [New] Due to the impact from the COVID-19 pandemic, the U.S. hotel industry is projected to report a 50.6% decline in revenue per available room in 2020.
• [New] Australia's economic outlook is also negatively affected by the coronavirus outbreak: The downturn in East Asia is expected to adversely affect the export services sector in Q1 of 2020 through a lower turnover in tourism.
• [New] Scotland Outlook 2030 is a bold new approach that will see tourism act positively in the common interest of Scotland's communities, businesses and everyone who visits and stays with us.
• [New] Google could miss out on $4 billion in ad revenue from travel advertisers in the first half of the year due to the coronavirus outbreak.
• [New] Well before the imposition of travel bans, airlines were expected to lose $113bn in revenue this year.
• The COVID-19 pandemic will have significant effects on economies in several countries as trade, tourism, remittances, financial markets, and consumer and business sentiment are all disrupted.
• Total spending on travel in the U.S. - including transportation, lodging, retail, attractions and restaurants - is projected to plunge by $355 billion for the year, a 31% decrease.
• The travel industry will be hit harder than any other sector, resulting in the loss of 4.6 million travel-related American jobs this year.
• Inbound travel from China declined by 2.2% during the first six months of 2019 due to the US-China trade war and is forecast to further decline in 2020 due to the coronavirus outbreak.
• The coronavirus impact on confidence, financial markets, the travel sector and disruption to supply chains is expected to contribute towards downward revisions in all G20 economies in 2020, particularly ones strongly interconnected to China, such as Japan, Korea and Australia.
• The impact on global GDP from the coronavirus could be anywhere between US$77bn and US$347bn, depending on how long travel bans and low demand remain in place around the world.
• The ongoing impact of COVID-19 remains difficult to project given uncertainty related to its magnitude, duration, geographic reach, impact on the global economy and potential travel restrictions.
• The global impact of the coronavirus will be felt through four real economy channels: sharply reduced tourism revenues, lower exports of consumer and capital goods, lower commodity prices, and industrial supply chain disruptions, said a company statement.
• In addition to all values, there is a mounting evidence of sharp declines in tourism, supply chain disruptions, weak commodity demand, and falling consumer confidence.
• The estimated losses by the travel industry alone are severe enough to push the United States into a protracted recession that is expected to last at least three quarters, with Q2 2020 being the low point.
• Decreased travel due to coronavirus will inflict an $809 billion total hit on the U.S. economy and eliminate 4.6 million travel-related American jobs this year.
• Global oil demand is expected to decline in 2020 as the impact of the new coronavirus (COVID-19) spreads around the world, constricting travel and broader economic activity.
• The full extent of coronavirus impact on the Australian tourism sector/visitor economy including for international and domestic visitation, will not be known for a while..
• There is mounting evidence of sharp declines in tourism, supply chain disruptions, weak commodity demand and falling consumer confidence.
• The coronavirus epidemic is putting up to 50 million jobs in the global travel and tourism sector at risk, with travel likely to slump by a quarter this year, Asia being the most affected continent.

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Last updated: 04 April 2020