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 [https://hospitalityinsights.ehl.edu/covid-19-impact-hospitality-workforce
- 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, and we see the following overview:
Check the actual occupancy rates of hotels here.
If we compare this to the fluctuations in the past it is all unprecedented.
New target groups or business models
So, especially now creativity and being innovative and versatile is paramount.
Several reports might help:
The situation is changing all the time, and there is no simple solution. A few elements though to keep in mind:
- Be creative, innovative: look at (basic) needs, look at possibilities the assets offer
- Be versatile, work agile, be flexible
- Maybe the threat from COVID will diminish or even go, but the focus on health and risks will probably a more permanent element in our industry
Also check page on Benchmarks
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