The global travel industry is suffering its worst shock in decades as a result of the rapidly spreading coronavirus pandemic. With passengers quarantined to cruise ships and travel restrictions being imposed around the world, the travel industry is suffering.
Being one of the largest industries in the world, the travel industry is responsible for an estimated 319 million jobs. That is approximately 1 in every 10 people working on the planet. Experts agree that this is the largest loss the travel industry has experienced since the terror attacks on the United States back in 2001. In fact, aside from the NHS and emergency services, the travel industry is the most directly and immediately impacted industry in the UK and it is affecting the global economy.
Why The Travel Industry?
But why is the travel industry being affected by the coronavirus pandemic so greatly? After all, just how many people are on holiday at any given time? The main reason that the global travel industry has been hit so hard is that it is such a diverse industry. The travel industry includes more than travel agents and tour companies, it also includes airlines, cruise ships and other forms of travel, hotels and resorts, retail, restaurants, technology and more. And that’s not even mentioning the wide range of local and international support personnel such as tour guides, independent travel agents, ATOL Consultants and IATA Consultants.
The Sharpest Drop In Travel
The sharpest drop in business and leisure travel has been across the Pacific, and not just to and from China, but other Asian countries as well. Many airlines are reporting a 75% decline in near-term demand for trans-Pacific flights. Due to the coronavirus pandemic, travel by Chinese nationals has been virtually halted. That is an incredible feat considering that 180 million Chinese nationals have passports.
Still, as the coronavirus pandemic begins to wane, industry experts expect the travel industry to bounce back with business travel returning before leisure travelers begin planning their holidays again. This means travel companies are encouraged to contact an ATOL Consultant or IATA Consultant to ensure that they are ready for the next round of travelers.
Contact LI Advisors
To learn how you can get your ATOL, ABTA and IATA certifications, contact LI Advisors and speak with an expert in UK travel regulations today.
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