Just how brutally impactful are the times we’re facing? According to the World Travel & Tourism Council, one million jobs in the travel sector are being lost every day, with all signs pointing to that number accelerating in coming months. With an estimated 300 million workers in travel related industries around the world, that leaves less than a year for any travel business, at the current rate.
While most headline news centers around airlines, hotels and multi billion dollar businesses, the WTTC has found that small and medium sized business are among those most at risk.
“It is heartbreaking that the livelihoods of millions of people who have dedicated their lives to the Travel & Tourism sector are being decimated; from waiters to taxi drivers, guides to chefs and caterers, pilots to cleaners.
The relentless cascade of job losses is plunging millions of families into terrible hardship and debt, fearful of how to buy food and pay their bills. The domino effect of Covid-19 is right now having a massive impact, wiping out an entire economic sector.”
Businesses which were focusing on long term growth are now struggling to secure three month contingency plans, from airlines to hotels and beyond. The last five years saw a rapid boom in travel, as low cost airlines filled the skies with record passenger numbers and sharing economy options created new opportunities across all of travel.
The big question for all effected, or wanting to help, is what now?
While so much uncertainty remains around when a return to safe travel will be, that doesn’t mean that you too can’t help out the travel industry. GSTP has a list temporary measures anyone can follow to help support the industry, and in general terms, making bookings for later in 2020, or into 2021 can help provide vital cash flow to businesses in need.
Basically, if you feel optimistic about the future and have cash on hand, it’s great to make a travel booking right now, particularly given the flexible terms being offered by airlines, hotels and tour operators to help encourage them. We’re all in this together.