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Showing posts from February, 2021

Will the hospitality and travel industry recover in 2021?

Spring is here. People are celebrating the Lunar New Year. Do you see a brighter future in 2021?   Without a doubt,   2020   was a challenging year for most. Besides lockdowns, many companies let employees   work from home permanently . When many business activities were put on a break and the supply chain was interrupted, the   global economy collapsed . COVID-19 pandemic’s impact on the hospitality and tourism industry is devastating and unprecedented.     How tough was it in 2020?   The aviation industry According to the International Civil Aviation Organization, the   global air traffic   dropped from 4.5 billion in 2019 to 1.8 billion in 2020. The financial loss to the industry was $370 billion. Additionally, airports and air navigation service providers reported a loss of $115 billion and $13 billion, respectively. In the U.S., the   six largest Airlines lost $35 billion   in 2020.     Hotels   The American Hotel and Lodging Association   (AHLA) estimated that COVID-19’s impact o