Travel

WHAT'S NEXT?: How we travel, where we travel and whether we travel at all will mean tremendous change in the decades ahead.

[New] The Thai economy is expected to contract as much as 6% in 2020 mainly because of Covid-19 outbreak and trade war, with some recovery in the second half following easing of lockdown and travel restrictions.
[New] The world's two biggest planemakers, Airbus and Boeing, predicted just before the pandemic that global air travel would grow by 4.3% each year over the next 20 years, requiring around 40,000 new airliners to be built.
[New] Inbound tourism spend to drop 63% this year, with a £19.7 billion economic loss, whilst domestic tourism in Britain will lose out on £22 billion.
[New] Global tourism revenue are expected to fall by up to US$ 3.3-trillion because of COVID-19 restrictions, with the United States standing to lose the most.
[New] The government hopes to earn at least 900 billion baht from domestic travel this year, which would nearly rival 2019's tourism revenue of 1.28 trillion baht generated by Thailand's primary cities.
[New] Not only has aerospace been among the industries hit hardest, it is also expected to face a longer road to recovery; the International Air Transport Association has predicted that international air travel will not return to normal until 2023.
[New] This year, 1.1 billion fewer trips are expected to be made globally (the global travel and tourism industry was predicted to rake in US$ 700 billion but is on track for US$ 447 billion).
[New] Earnings from international tourism might be down 80% this year against last year's figure of $1.7 tn, and that 120m jobs could be lost.
[New] The International Air Transport Association (IATA) forecasts a US$ 252 billion fall in ticket revenues if travel bans remain in place for three months.
While the demand for U.S. lodging is forecasted to return to pre-crisis levels in the third quarter of 2022, the national ADR is not expected to recover on a nominal basis until the third quarter of 2023.
Prospects for tourism have been downgraded several times with current estimates by the World Tourism Organization pointing to a decline of 58% to 78% in tourist arrivals for 2020: The further challenge of a second or third wave of infections poses additional risks to Africa's recovery.
The variation in relaxing of COVID-19 restrictions will ensure varied rates of recovery in foodservice sales while business and tourism travel will remain minor until late in 2020.
The World Tourism Organization (UNWTO), which predicts a decline in international arrivals of between 58% and 80% this year.
For the most part, factories have resumed operations and the market has opened with some travel and logistical restrictions, leading IDC to believe the China domestic market will only see a single digit decline in 2020.
Travel is not expected to fully return until next year, with a majority of Americans saying they have no plans to travel for the rest of 2020.
Transformational changes in the UK economy and connectivity could quadruple annual demand for rail travel to 760 million trips by 2050, with the strongest growth in demand being between large urban centres.
EasyJet which has three AOCs in The United Kingdom, Europe and Switzerland, justified the job cuts with the slump in air traffic as a result of the coronavirus pandemic and their expectation that the demand for air travel will not return to the level of 2019 before 2023.
Tourism is the most affected sector, with over half of tourism businesses predicting that their 2020 revenue will be about a third, or less, of what they had been expecting going into the year.
While the demand for U.S. lodging is forecasted to return to precrisis levels in the third quarter of 2022, the national ADR is not expected to recover on a nominal basis until the third quarter of 2023.
Rural tourism in England contributes over £13 billion per year to the economy, and VisitBritain predicts the £80 billion domestic tourism industry, spanning holidays and day visits, will suffer a £22 billion drop this year.
This year, travel restrictions and lockdowns in response to the Covid-19 pandemic will erase more oil demand than the shipping sector consumed in all of 2019 - wiping out a decade's worth of growth.
Current reduction in the cost of spending of space tourism is expected to gain traction for the global space tourism market over coming years.
The drastic reduction in air travel - a 97% reduction in passenger flights compared to the previous year - has been devastating for the aviation industry, with estimates that the industry in the UK could lose over £20 billion in revenue in 2020.

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Last updated: 11 July 2020