Leisure Industry is come into a great disaster due to the worldwide situation created with Corona Virus, period & scope still not predictable, which is leading to the stock market collision continued for weeks to all the major sectors. Due to this impact of the Covid-19 Corona Virus on worldwide tourism is unquestionable, & the authorities estimates are based on previous experiences with similar crises such as that of H1N1 (Internationally) & ‘Bird Flues’, ‘Nipah’ (Locally) etc.
Tourist Industry of China – will be most affected due to the virus since tourism represents a decent amount of percentage of their gross domestic product in recent years. This will impact the tourism industry in India as well. Especially the one which is locally served.
Hotels, airlines, and cruise operators are just a few of the hardest hit travel sectors that suffer the most immediate consequences. The impact of the Corona Virus on companies is already global with cancellations of trips, public events, temporary employment adjustments, and falls in income. The most extreme cases are yet to be reported. IATA estimates that global air transport revenues will be reduced to radical amount.
The tourism industry is now in unchartered territory with significant losses reported. Already worldwide panic of the Corona Virus is also seen in the stock market collapses that for days have affected all major airlines, hotels, such as the America, Europe and Asia.
The tourism industry faces an unparalleled set of threats – made up of a global health fear/Situation; the shortage of aircraft due to the crisis, climate disasters; bankruptcies of operators and airlines; economic slowdown in the large markets globally- which hints at least a global reduction for the tourism business in the near future.
“Live with no excuses and travel with no regrets” ~ Oscar Wilde. 