Travel industry needs to think differently to combat the pandemic

Published on : Tuesday, August 18, 2020

The travel industry needs to think out of the box in the future and work with partners and rivals in different ways, as per a new report by the influential McKinsey consultancy.

The role of governments and regional organizations will also be forced to come forward if the world wishes to get back its $9 trillion tourism economy that existed before the pandemic.

However, in this situation, events of this year will probably trigger a 60% to 80% fall in tourist arrivals in destinations around the world, and spending is not expected to increase to 2019 levels again for another four years.
Around 120 million jobs across travel, tourism and hospitality are at risk as a result of the pandemic.

This disastrous collapse of one of the largest and most important, diverse and dynamic industries of the world would certainly require rebuilding both at micro and macro levels.

MicKinsey’s report establishes four actions that are required to support the industry’s program:

• Public-private “tourism nerve centers” to supervise coordination of recovery efforts.
• New financing methods.
• Transparent and steady communications on recovery protocols (health, reopenings, etc.).
• Digital and analytical transformation.

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Tags: Tourism