COVID-19 does not discriminate, and all travel brands and destinations have been impacted massively by the unprecedented global travel shutdown and felt the force of economic and social lockdowns. Euromonitor International's research analysts and analytics teams are monitoring the impact of COVID-19 to better assess the short and long term effects on economic scenarios, product categories, pricing, stock availability and consumer behaviour.
Here are some of the pertinent questions that need to be answered prior to opening up again:
- Recovery timelines: when is the industry expected to hit rock bottom and will it ever recover?
- Major casualties: certain sectors of the travel industry are unlikely to recover, yet those who do recover, will they operate with confidence?
- Sustainability for survival: what does it take?
- Back to start up mentality: revisiting core mission and product offer but with a difference to cater in a COVID-19 friendliness.
- Build back better: will the travel industry have the resources and resilliance to get back on the feet with a better punch?