To capture the sentiments of the tourism sector ‘Lastclues.com’, a marketplace for unique travel activities, conducted an online survey amongst the leading travel service providers. As per the survey 93% of the service providers believe that the current market scenario is hampering the travel industry.
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The importance of tourism can be gauged from the fact that it accounts for around 10% of global gross domestic product (GDP) and is directly responsible for generating one in 10 of the world’s jobs.
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The investors and the government should support the business and show solidarity. It's going to be a new beginning and the crisis is big and the industry will need support and have to be together and only then will we win the economic battle.
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SPEAKING ABOUT the impact COVID-19 has had in the hospitality business, Souvagya Mohapatra, Executive Director, Mayfair Hotels & Resorts Ltd told BW HOTELIER that, "If the lockdown is further extended, many businesses will face an existential threat which will have wide adverse ramifications on the overall tourism landscape of the country."
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For obvious reasons, the industry is going to undergo some temporary and some very very permanent changes.
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The disruptions that it has caused are across the entire value chain i.e. Airlines, Hotels, Travel Agents, Tour Operators, Restaurants, Rail Networks, Roadways, Water Transport and Cruises, Taxis, Auto-rickshaws and a slew of other indirect providers.
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Nowadays clubhouses have become a mandatory element of luxury housing projects, which provide a plethora of amenities at a place and saves time.
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While the COVID-19 pandemic is dealing a crippling blow to the hospitality industry, companies that have already adopted virtual collaboration tools will be better able to adapt to disruptions caused by the crisis.
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The current estimated loss to the sector in India is currently pegged at a daunting Rs 5 lakh crores and job losses to the tune of 4 to 5 crores. These could worsen further depending on how much longer it would take to contain the pandemic.
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As the pandemic evolves rapidly and shows little signs of abating, accurate mapping of the scale of its economic impact may not be possible as yet.
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