Travel and Tourism During and After COVID
The goal of this research is to produce a syndicated report about the travel and tourism industry both during and after COVID.
- Results from a July 2020 survey showed that among the 501 Americans surveyed, 67% said they do not feel comfortable traveling via airplane during the pandemic. That percentage was the same as that found back in May 2020.
- A future insight from McKinsey about the U.S. hotel industry projects that "[i]n the worst-case scenario, US hotel revenue per available room will be down 20 percent by 2023" compared to the 2019 level. The best-possible outcome is that by 2023, there will be a 2% increase in "US hotel revenue per available room" compared to the 2019 level.
- Leisure travel is beginning to show signs of recovery, but business travel is expected to "take some time to return."
- According to Hyatt CEO Mark Hoplamazian, lower-tier hotels are currently performing better than their more-upscale competitors. One reason for that is because many of those hotels are situated nearby airports and thus "accommodat[e] people who are moving around."
- Mr. Hoplamazian also opined in June 2020 that "over the next six- to 12-month period, you’re going to see a bit of a barbell recovery, where lower-tier, lower-price hotels will be doing well, and then you will have luxury hotels doing well once air travel starts to free up a little bit. The hotels that will [take] the longest to recover are our large group meetings hotels, our convention hotels."
- One creative solution that Hyatt Hotels has implemented for weddings that it hosts is a hybrid wedding in which the event is "a streamed version" with guests distributed "across the property" for social-distancing purposes.
- As of the end of July 2020, Brazil's "tourism industry has already lost nearly . . . $23.6 billion" due to COVID.
Summary of Initial Research
Given the breadth of the syndicated recort we can create, we spent some time during our initial research creating a detailed outline for that syndicated report that would cover the travel and tourism industry both during and after COVID. The insights we provided above are examples of each proposed next step we outlined below.
Proposed next steps:
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