From the tour operator to the restaurant, the coronavirus and its consequences shake the travel industry to the core. What are the effects of cancellations and reservation reluctance? A forecast.
Travel industry hit hard by coronavirus
Whether in a travel agency, directly with tour operators, cruise companies, airlines, hotels, or other tourist service providers: Due to the coronavirus, many customers cancel their trips, while hardly any new trips are booked. The effects of the virus are catastrophic for the entire tourism industry.
The entry stops of numerous countries for travelers from Germany lead to shipping companies temporarily canceling all cruises, airlines like Lufthansa drastically reduce their flight schedule.
“The German tourism industry is struggling directly with the effects of the coronavirus. Drastic declines in the event and trade fair business, cancellation waves, declining visitors, and a high level of reservation reluctance hit the hospitality industry, tourism, cultural and leisure facilities as well as mobility providers.” This is what the German Tourism Association writes ( DTV) in a press release.
First forecasts: 10 percent loss in sales for the travel industry
According to a projection by ” Statista “, the travel industry must adjust to a loss in sales of ten percent in 2020. “A drop in sales of 24 percent is currently expected for Italy.”
This is how the travel industry reacts to the coronavirus
Numerous tour operators have relaxed the cancellation and rebooking rules for new bookings to give travelers additional security. Because of how the situation will develop remains uncertain. Some airlines and shipping companies also offer their customers free rebooking. The Deutsche Bahn also promised a special goodwill arrangement.
Travelers who have booked a package tour have the advantage, according to the DTV. The tour operator takes care of them. “In the case of self-organized trips, the guests have to take care of themselves – for example, rebooking the flight and canceling the hotel – and they have to bear the costs themselves.”
The German Travel Association has surveyed more than 800 companies from the tourism industry in a flash survey. Around 90 percent said they currently have sales losses of at least ten percent. According to this, around 53 percent of companies are currently experiencing a drop in sales of at least 50 percent.
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