From March 2020 to around March 2021, many countries announced a ban on international travel and closure of restaurants and hotels while also limiting gatherings. All these measures were put in place to reduce the spread of the virus. However, they also affected employment in the travel and hospitality sector.The regional director of the World Travel and Tourism Council, Andrew Brown revealed that “$4.
Beyond the examples mentioned above, there are more sectors and industries whose existence is reliant on providing goods and services to the tourism sector or are part of the supply chain that need the industry to thrive for them to benefit. The people in these sectors belong to the so-called ‘other 9’ whose industries are not considered a part of travel and tourism but essentially dependent on the sustained operation of the tourism sector for survivability.
According to Deloitte, in an environment of dramatically lower revenues, high fixed costs, less than optimal asset returns, and the need to conserve capital, hospitality organisations will need to determine, which areas to prioritise and invest in. They will need to find the right balance between investment and conservation, one that achieves the highest return on investment in the near to medium term. Some of these decisions will endure; others may not.
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