The COVID-19 crisis has highlighted the global importance of the travel and tourism industry economically, as well as its interconnectedness with other industries. Border restrictions, lockdowns and social distancing have impacted everyone in the industry, from small tour operators to multinational hotel chains and major airlines.
According to the latest World Travel & Tourism Council, COVID-19 will impact, in a baseline scenario, an estimated 121.1 million jobs, and more than $3.4 trillion in GDP could be lost in 2020. The longer-term damage to the livelihoods of those in the industry remains to be seen.
But while the negative repercussions of the crisis are uncountable, there have been some side effects that can be harnessed for positive change in the future. The World Economic Forum’s recent Rebuilding Travel and Tourism panel, at the Sustainable Development Impact Summit, explored the intersection of consumer consciousness, technology acceleration and destination management – and found solutions that have the potential to reshape the way we market, manage and plan our travel.