Coronavirus tourism impact could linger until 2021
Impacts from the covis-19 outbreak could cost the global economy about US$80 billion and affect the Chinese outbound tourism market for more than a year.
The Economist Intelligence Unit based its findings on the aftermath of the Sars epidemic in 2002-2003.
Since then the outbound market has multiplied many times to more than 150 million travelers a year taking international trips.
It says Southeast Asia is likely to be hardest hit due to the reliance on the China market.
Countries such as Thailand welcome more than 10 million Chinese travelers a year, while in Cambodia, China makes up nearly 40% of all international arrivals.
Europe and North America are less exposed but will still see declines in the low single digits, the EIU said.
Travel industry analytics firm ForwardKeys says bookings for March and April have already plunged by more than a half with people putting off travel plans.
"The Chinese are traditionally energised and excited after Chinese New Year, but they are not planning …that is the biggest risk to our industry," said Oliver Ponti, ForwardKeys vice president.
Most major global hotel groups have reported hundreds of hotels shuttered across China and the ICAO recently said airlines will see a shortfall of at least $5 billion in revenues due to the outbreak.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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