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Prior to the pandemic, the travel industry boomed.
One in 10 workers worldwide, or 330 million in all, owed their jobs to the travel and tourism industry. Many of those jobs aren’t coming back anytime soon — if ever https://trib.al/cDjxnxJ
One in 10 workers worldwide, or 330 million in all, owed their jobs to the travel and tourism industry. Many of those jobs aren’t coming back anytime soon — if ever https://trib.al/cDjxnxJ
Between 2014 and 2019, the travel sector was responsible for one in five jobs created globally.
But that was the economy we once knew. Now, this massive engine of growth has been thrown into reverse as Covid-19 ping-pongs around the globe http://trib.al/cDjxnxJ
But that was the economy we once knew. Now, this massive engine of growth has been thrown into reverse as Covid-19 ping-pongs around the globe http://trib.al/cDjxnxJ
Unlike after the Sept. 11 terrorist attacks, the scars inflicted on travel and tourism look to be permanent.
Companies are shifting away from massive travel budgets and experiential living has become a memory http://trib.al/cDjxnxJ
Companies are shifting away from massive travel budgets and experiential living has become a memory http://trib.al/cDjxnxJ
The former strength of the travel sector can be tied to a confluence of demographic and economic factors:
Income inequality
Massive corporate business travel budgets
Retiring Baby Boomers
Travel-loving millennials
China’s burgeoning middle class http://trib.al/cDjxnxJ
Income inequalityMassive corporate business travel budgetsRetiring Baby BoomersTravel-loving millennialsChina’s burgeoning middle class http://trib.al/cDjxnxJ
The massive pullback in business travel is apt to inflict the deepest economic pain.
Airline and hotel business models have been designed around the steadfast and relatively price agnostic expense-account traveler http://trib.al/cDjxnxJ
Airline and hotel business models have been designed around the steadfast and relatively price agnostic expense-account traveler http://trib.al/cDjxnxJ
In late July, the U.S. travel industry lost eight million jobs – more than half of the travel-supported jobs before the pandemic and a third of all U.S. jobs lost.
Travel overall is down by 51%, resulting in $309 billion in lost revenue http://trib.al/cDjxnxJ
Travel overall is down by 51%, resulting in $309 billion in lost revenue http://trib.al/cDjxnxJ
Internationally, the countries most affected are too almost too numerous to count. In order of most impaired, the five countries most dependent on tourism are:
Mexico
Spain
Italy
China
Australia
And that is just the developed world http://trib.al/cDjxnxJ
MexicoSpainItalyChinaAustraliaAnd that is just the developed world http://trib.al/cDjxnxJ
Many emerging markets that are highly dependent on travel and tourism will be devastated.
Take Jamaica: travel accounted for more than a fifth of its economy in 2018 http://trib.al/cDjxnxJ
Take Jamaica: travel accounted for more than a fifth of its economy in 2018 http://trib.al/cDjxnxJ
The U.S. economy will not escape unscathed.“$1 million in sales of travel goods and services directly generates eight jobs for the industry. In contrast, every $1 million in total non-farm industry sales creates five jobs,” the USTA notes http://trib.al/cDjxnxJ
Travel is a massive services export for many of the biggest states, including:
California
New York
Florida
The fear factor is manifest in global flights, which were up by 17% a month ago, but have since retrenched and are down 7% in the last week http://trib.al/cDjxnxJ
CaliforniaNew YorkFloridaThe fear factor is manifest in global flights, which were up by 17% a month ago, but have since retrenched and are down 7% in the last week http://trib.al/cDjxnxJ
Older workers have also been hard hit among permanent job losers.
The 2.33 million over the age of 55 who lost their jobs in the five months through July exceed the 1.97 million who were laid off and are under the age of 25 http://trib.al/cDjxnxJ
The 2.33 million over the age of 55 who lost their jobs in the five months through July exceed the 1.97 million who were laid off and are under the age of 25 http://trib.al/cDjxnxJ
