Covid

Impact on industry

The ruthless march of COVID-19 throughout the globe is first and foremost a human tragedy, affecting the health of hundreds of thousands of people. The consequences of measures taken worldwide to curb the pandemic are having a growing impact on the global economy. This article aims to offer key highlights on the impact being felt by the industry due to factors including, but not limited to, the migratory nature of the hospitality work force and the pause on global travel, tourism and restaurant services according to SukritDogra in Hospitality Insights. Accounting for the unprecedented travel restrictions, the United Nations World Tourism Organization expects

• Loss of 850 million to 1.1 billon international tourists
• Loss of US$ 910 billion to US$ 1.2 trillion in export revenues from tourism
• 100 to 120 million jobs at risk

It is very hard to tell how this will effect the future, or even what the future of hospitality might look like at all. The measures taken change day-by-day.

Benchmarks

Of course there is a strong link from hospitality industry sector hotels, to travel, to airline industry, to the cruise market, to MICE market, to catering industry (restaurant, bars, casino's etc.). So the future is hard to predict. We do have benchmarks, from te past, which is a totally different situation. The fluctuations are minimum compared to what is happening right now. The UNWTO introduced a recovery tracker that might shed some light, but again is only trying to quantify what's going on and is not able to predict.
We can follow the crucial occupancy rate number worldwide in numbers statista.

File:Covid in hospitality01.jpg

New target groups or business models

So, especially now creativity and being innovative and versatile is paramount.

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