How Europe’s travel industry reacts to coronovirus

[ad_1]

Tourism was previously called the region most affected by the coronavirus epidemic.

How Europe’s travel industry reacts to coronovirus. Photo: smallbusiness.co.uk

Tourist spending in March in Europe decreased by 68.4% from the same period last year. In Italy, the decrease was 96%, a similar situation is expected in other EU countries in April, the Business Insider report cited, a study by financial holding UBS.

Tourist spending from China declined by 84.6%, particularly in the purchase of luxury goods, products from European brands such as Chanel, Gucci and Louis Vuitton fell by 78%. It has also been reported that 65% of hotels in Greece are preparing for bankruptcy of the business.

UBS analysts said that as COVID-19 cases decreased in Europe, the country’s governments wanted to ease the sanctions, but the exact timing is still unknown. According to forecasts, luxury stores will remain closed during April and May, and will reopen only in June.

Paypal magazine help

The World Travel and Tourism Council (WTTC) estimates that approximately 75 million tourism jobs may disappear due to the coronavirus epidemic. In an online meeting organized by Saudi Arabia, the WTTC called on the G20 leaders to take decisive action to save the tourism sector. According to the information, the industry comprises a total of 330 million people.

In Ukraine, more than 550 thousand people lost their jobs in restaurant and hotel businesses, entertainment (music, lectures), services, sales, transport and tourism, according to estimates by the State Statistical Service and relevant experts.

Read:
How coronovirus kills successful companies: Airbnb case
Coronaviruses and Economics: How States Help Businesses

According to the material businessinsider.com


[ad_2]
Source link

Leave a Reply