Travel Industry Sees a Historic Financial Loss Due to Covid-19 #infographic

Travel Industry Sees a Historic Financial Loss Due to Covid-19 #infographic

The most damaging effects from the COVID-19 outbreak is being seen in the American travel and tourism market. According to a recent US survey The U.S. airlines are predicted to experience a $519 billion reduction in direct travel spending, translating into a $1.2 trillion loss in economic production, by the Travel Association and Oxford Economics.

Analysts estimate the travel industry's financial scenario is 9 times worse than the effects it went through after 9/11.

Revenue from the travel industry is expected to decline by 81 percent over the next few months, although the annual decline is projected to be about 45 percent.

With flights grounded all over the world, travel industry employment is also struggling and expected to result in 8 million job losses by the end of April.

The study also highlighted the numerous travel industry industries, and their share of financial loss due to the global health pandemic.

Food services, for example, would see the largest $128 billion loss. Lodging will also be affected, and a loss of $112 billion is expected. In addition, the grounded airline fleets will represent a direct spending loss of $97 billion.

The researchers foresee some losses from the airline industry as travel restrictions loosen. However, the financial losses are projected to persist through the year 2020.

Travel Industry Sees a Historic Financial Loss Due to Covid-19 #infographic

infographic by: www.statista.com

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