With the novel Corona Virus pandemic having taken a toll on the greater part of last year, Tourism was one of the most suffocated industries worldwide. From travel coming to a halt and tourism sites completely closing down, there was little or no tourism coupled by consequent business losses during the pandemic.
The long pandemic caused so much bruising that saw many lose jobs while industry players remain with little or no hope of full revamption back to the previous normal. Never the less, according to a recent research by Statista, the industry could re-achieve perfect footing as before by 2023.
According to the Mobility Market Outlook (MMO) report, global travel and tourism market is set to fully recover from the coronavirus pandemic by 2023 and achieve record turnover figures. Global travel and tourism revenue for 2021 is forecasted to increase by over 50% compared to 2020. New revenue records can be expected from 2023 onwards; for 2025 the MMO experts even predict a revenue growth of almost 23% versus the success year 2019.
The report also projects a 55% loss of turnover in the tourism industry for 2020. According to UNWTO figures, between 1950 and 2019 annual international arrivals increased from 25 million to almost 1.5 billion, by a total of 5,744%. By contrast, in October 2020, year-on-year international tourism arrivals fell by 72%.
In 2020, the tourism industry was heavily impacted by the restrictions put in place by national governments as a measure to curb down the virus’ spread. Various statistics show that those months, in which strict measures were issued to contain its spread, were particularly challenging for the tourism sector.
Projections by Statista based on WTTC, WorldData and OECD figures show that domestic tourism markets in popular countries have not been impacted as severely by the coronavirus pandemic as international tourism. However, Technological innovations, personalised travel services and the current low volume of travel could trigger a resurgence of the travel industry.
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